Show:
resources
no free lunch
money
goods
services
100
natural resources, capital resources and human resources are all what?
What is productive Resources
100
governement should not interfere with business " let it be"?
Laissez Faire idea
100
the dollar of all final goods
What is gross domestic product-GDP
100
durable goods and non durable goods and consumer goods
What is durable lasts 3 years or more/ non-durable can be used uo quickly / consumer goods items that are produced for final purchase by the consumer
100
this economy exhibits several types of economies
What is Mixed or modified system
200
things like minerals, water tress and land are all what?
What is Natural Resources
200
what is your opportunity cost?
What is the value of your best alternative
200
risk taker in search of profit
What is entrepreneur
200
economic decision making - cost vs benefit
What is cost is negative benefit is positive
200
capitalism, free enterprise or market economy are all privately owned businesses that operate freely w/little govt intervention
What is Market economy
300
labor or human effort refers to what
What is human resources
300
this means resources are limited what is this word?
What is scarcity
300
factors for production
What is natural resources or land, labor, capital sources and entrepreneurship
300
three types of economic systems
What is traditional / command / mixed
300
who wrote the Wealth of Nations in 1776 a book about the characteristics of market economy
What is Adam Smith
400
buildings, machines, tools an d equipment refer to what
What is Capital Resources
400
the disicipline that deals with the allocation of scarce resources for the purpose of fufilling sociatys needs and wants
What is Economics
400
Goods are what
What is tangible items of value
400
allocation of scarce resources and economic activities are the result of ritual, habit or custom
What is traditional economic system
400
what two characteristics did Adam Smith observe?
What is profit motive and property rights
500
natural resource+human resource+capital resource = entrepreneurship =what?
What is the production process
500
in dealing with this problem 3 questions must be answered / here they are :1)what goods and services should be produced / how should they be made? how should they be distributed?/for whom shoudl they be produced?
What is the problem of scarcity
500
services are what
What is intangible items of value - like services
500
allocation of scarce resources is the result of a central planning authority
What is command economics
500
what are the goals of the US market economy?
What is freedom, growth and stabilty