Intro to Economics
This is the study of making informed decisions about everyday things...
What is economics?
This is an economic system where private individuals or businesses own the means of production and operate them for profit.
What is Capitalism?
Most of the decision-making processes in economics are meant to reach this which means that resources are being used in the best way possible
What is efficiency?
These things give people motivation to do the things they need to do in life and also motivate businesses to bring their products/services to market.
What are incentives?
The first thing you should do when making a monthly budget is to do this because if you don't, you can't begin to make a budget at all...
By doing this, you are exchanging an item for currency...
What is trading/trade?
This is a political and economic theory advocating for collective or governmental ownership of the means of production and distribution of goods.
What is Socialism?
Efficiency is demonstrated by this on a Production Possibilities Curve when resources are fully used
What are points along the curve?
This is the ultimate motivator for someone to start their own business...
What is profit?
When thinking about the 50-30-20 rule of budgeting, 20% of your income is supposed to go toward this
What is savings?
This basic economic concept explains how we attempt to fulfill unlimited wants/needs with limited resources...
What is Scarcity?
This is a political and economic system that aims to create a classless society by abolishing private property and placing the means of production under public ownership.
What is Communism?
If something is impossible with current resources it is plotted here on a Production Possibilities Curve.
What is outside?
In order to maximize profits, businesses are interested in keeping this as low as possible because if they get too high, then it cuts into their profit.
What are Costs of Production?
Economics is all about __________ that we make and the impact of those __________ (same answer for both blanks).
What are choices?
The term of Communism was coined by this man with some help from his friend Engels
Who is Marx?
Every economy must answer these three questions when thinking about economic activity as a whole; name 2 of them.
What to produce? How to produce? For whom to produce?
This is the value of an alternative choice compared to the choice you've made.
What is an opportunity cost?
Karl Marx believed that this system would be the bridge between Capitalism and Communism.
What is Socialism?
Inefficiency is demonstrated by being plotted here on a Production Possibilities Curve.
What is inside?