Show:
Basic terminology
Factors of Production/ other
Market Systems/other
Characteristics of a Free Enterprise/other
Role of Government in a Market System
100
not having enough- one is temporary, one is permanent
What is shortage and scarcity
100
Goods used to make other goods and services.
What is capital.
100
rural area in Africa
What is a traditional economy
100
using materials to their fullest ability
What is efficiency
100
Freeways, schools, military
What are public goods.
200
something that is tangible; something that is an action
What is a good versus a service
200
land, labor, capital, entrepreneuriship
What are the factors of prodcution
200
Spain
What is a mixed economy that leans towards free market
200
economic rivalry among businesses
What is competition
200
Laws that prohibit illegal monopolies.
What are anti-trust laws.
300
One is something you buy for your own pleasure, the other is used to produce other goods and services.
What is a consumer good and a capital good.
300
Your neigbhor painting their house next door and raising your market value.
What is a positive externality.
300
Cuba
What is a mixed economy that leans toward command
300
The government must decide between spending on military or health care.
What is a guns or butter decision.
300
Second hand smoking.
What is a negative externality.
400
A person who benefits but does not pay.
What is a free rider.
400
A visual that shows opportunity cost
What is a ppc- Production Possibilites curve
400
What to produce, how to produce, and for whom to produce
What are the basic questions all economics systems must ask.
400
to distribute goods and services
What is the purpose of an economic system
400
The reason the government requires businesses to disclose information about their product.
What is to make the consumers safer and more knowledgable.
500
A good provided by the government.
What is a public good.
500
the most desirable alternative given up for a decision
What is opportunity cost
500
satisfaction
What is utility
500
You can have many of these and only one of this when making decisions.
What are trade offs and opportunity cost
500
Nintendo has run out of Wiis.
What is an example of a shortage.