Definitions
Resources
Economic Systems
Economies
Random
100

The act of helping or performing a job for someone

What is a service

100
Name the 3 types of Economic Resources
What are Natural, Human, and Capital
100

Name the 3 types of Economic Systems

What are Capitalism, Socialism, and Communism

100

Conflict between unlimited wants and limited resources

What is Scarcity

100

What is the definition of a want?

Not necessary to survive, but adds comfort and pleasure

200

Place where buyers and sellers exchange goods, services, and some form of money

What is a Marketplace

200

What type of resource is labor

What is Human

200

What type of economy is the United States

What is Capitalism
200

When you are able to choose whether to own a business, what to produce, and what business to enter, this is.....

What is Private Enterprise

200

What are our basic needs?

Water, Food, Shelter, and Clothing

300

Define Competition

What is a rivalry among businesses to sell their goods and services to buyers

300

List 3 Capital Resources

Tractors, Computers, Tools, etc...

300

When the government own or controls most of the economic resources and has tight control over them, it is this type of Economy

What is Communism

300

What is our basic economic problem?

What is Scarcity

300

Define a good

What is something you can see or touch

400

Define Profit

What is money that is left from sales after subtracting the cost of your operating expenses to run the business
400

List 5 Natural Resources

What are Oil, Coal, Gold, Iron, Water, etc...

400
What is Capitalism

What is when resources are owned by the individuals rather than by the government

400

Define Private Property

What is the right to own, use, or dispose of things of value

400

What are the 3 basic economic questions

1) What goods and services are to be produced

2) How should the goods and services be produced

3) For whom should the goods and services be produced

500

Define Business

What is work relating to the production, buying, and selling of goods and services

500

Define Economic Resources

What is the means through which goods and services are produced

500

How does a Socialism Economy look?

What is the government owns and operates certain basic enterprises, like power plants and hospitals.

500

What are the 5 features of our market economy?

What are 1) Private Enterprise 2) Private Property 3) Profit Motive 4) Competition 5) Freedom of Choice

500

Name the 5 steps in the Decision-Making Process

What are 1) Define the problem 2) Identify the choices 3) Examine the Advantages and Disadvantages 4) Choose 5) Act/Review