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Economics 1
Economics 2
Economics 3
Economics 4
Economics 5
100
____________ is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made.
Scarcity
100
______________ are things that incite or motivate. They are used to change economic behavior.
Incentives
100
_____________ is the amount of a good or service that producers are willing and able to sell at a certain price.
Supply
100
_____________ is the process of identifying and starting a new business.
Entrepreneurship
100
A construction worker would be this type of resource.
Human resource
200
____________ are factors of production that are used in the production of goods and services. They are divided into the categories of natural, human, capital, and entrepreneurship.
Resources
200
____________ is the amount of a good or service that consumers are willing and able to buy at a certain price.
Demand
200
In a mixed economy, individuals and businesses are owners and decision makers for the ________________.
private sector
200
______________ means that consumers determine through purchases what goods and services will be produced.
Consumer sovereignty
200
A park owned and operated by the government is an example of this type of property.
Public property
300
__________ is selection of an item or action from a set of possible alternatives.
Choice
300
____________ is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.
Production
300
____________ consists of earnings after all expenses have been paid.
Profit
300
A farm owned by a family is an example of this type of property.
Private property
300
This type of economy has: - Central (government) ownership of property/resources - Centrally-planned economy - Lack of consumer choice
Command economy
400
_______________ is what is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice.
Opportunity cost
400
_______________ is the using of goods and services. Consumer preferences and price determine what is purchased.
Consumption
400
Gold, oil, and lumber would be examples of this type of resource.
Natural resource
400
This type of economy has: - Private ownership of property/resources - Profit motive - Competition - Consumer sovereignty - Individual choice - Minimal (or no) government involvement in the economy
Free market economy
400
Tools, equipment, buildings, and machinery are examples of this type of resource.
Capital resources
500
___________ is the amount of money exchanged for a good or service.
Price
500
In this type of economy, economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents, regardless of ability or potential.
Traditional Economy
500
This type of economy has: - Individuals and businesses are owners and decision makers for the private sector. - Government is owner and decision maker for the public sector. - Government’s role is greater than in a free market economy and less than in a command economy. - Most economies today, including the United States, are mixed economies.
Mixed economy
500
In a mixed economy, the government is owner and decision maker for the ________________.
public sector
500
_____________ is rivalry between producers and/or between sellers of a good or service usually results in better quality goods and services at lower prices.
Competition