The study of how individuals and businesses are allowed to compete for profit with a minimum of government interference.
What is economics?
100
Not having enough resources to produce all of the things we would like to have.
What is scarcity?
100
Resources of land, labor, capital, and entrepreneurship used to produce goods and services.
What is factors of production?
100
Taxes are paid from these 2 groups on the circular flow model.
What are homes and businesses?
100
An automobile company is trying to decide whether to manufacture a truck or car. This is an example of which economic question
What is "what should be produced"?
200
Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference.
What is free enterprise?
200
The cost of the next best use of time and money when choosing to do one thing or another.
What is opportunity cost?
200
The actual natural resources used in making a product.
What is land?
200
Services are sent from the government using tax money to these 2 groups.
What is homes and businesses?
200
This company is deciding which features should be produced in a car based upon the needs and wants of the target market. This is an example of which economic question.
What is "how should it be produced"?
300
Any person or group that buys or uses goods and services to satisfy personal needs and wants.
What is consumers?
300
The alternative you face if you decide to do one thing rather than another.
What is trade off?
300
Already manufactured "goods" that are used to create other goods.
What is capital?
300
Goods and services are provided to homes and the government by this group.
What are businesses?
300
This company is deciding who their target market will be. Which economic question will this answer.
What is "For Whom Should it Be Produced?"
400
The person or group of people that make the products.
What is producers?
400
The outcome of what you receive for the cost that you pay.
What is benefit?
400
The human work that goes into making a product.
What is labor?
400
Labor is produced solely by this group to the other 2.
What is homes?
400
The local government is trying to decide where they will spend the funds given for a new school. Which economic question does this answer.
What is "for whom should it be produced"?
500
The money, people, and materials available to accomplish a community's goals.
What are resources?
500
The amount of money spent on the resources used to gain a good or service.
What is costs?
500
The ability of individuals to start new businesses and introduce new products.
What is entrepreneurship?
500
Income goes into the homes from which 2 groups.
What are businesses and the government?
500
This company is compiling a list of capital goods needed to produce a product. Which economic question does this answer.