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Scarcity and the Science of Economics
Basic Economic Concepts
Economic Choices and Decision Making
Economic Systems
The American Free-Enterprise System
100
The condition that results from society not havning enough resources to produce all the things people would like to have.
What is scarcity.
100
Manufactured goods that are used to produce other goods and services
What is capital goods
100
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
What is opportunity cost
100
An organized way of providing for the wants and needs of their people
What is Economic System/Economy
100

The economic system in which individuals and businesses generally own property and make most economic decisions.

What is a free enterprise economy

200
The 3 basic questions one must ask when making wise economic decisions.
What is what to produce, how to produce, and for whom to produce.
200
The contradiction between necessities and value
What is the Paradox of Value
200
A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
What is Production Possibilities Frontier
200
A system in which the allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom.
What is a traditional economy
200

The desire to earn money that encourages businesses and entrepreneurs to take risks.

What is the profit motive

300
Name the Factors of Production.
What is land, capital, labor, and entrepreneurs.
300
The measure of the amount of output produced by a given amount of inputs in a specific period of time.
What is productivity
300
A way of thinking about a problem that compares the costs of an action to the benefits received
What is cost-benefit analysis
300
A system in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions.
What is a command economy
300

This characteristic of free enterprise allows buyers and sellers to make economic choices on their own accord.

What is a voluntary exchange

400
The dollar value of all final goods and services.
What is Gross Domestic Product (GDP)
400
This takes place when work is arranged so that individual workers do fewer tasks than before.
What is Division of Labor
400
A type of economy in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions
What is Free Enterprise Economy
400
A system where people and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions.
What is a market economy
400

In a free enterprise economy, this force pushes businesses to continuously offer better products and lower prices in order to attract consumers

What is competition

500

The resources used to make goods and services, such as tools, machines, and buildings.

What is capital

500
The concept that we rely on others, and others rely on us, to provide goods and services that we consume.
What is economic interdependence
500
The "Father of Classical Economics"
What is Adam Smith
500
The United States has this type of economy
What is a mixed economy
500

In a free enterprise economy, the government protects property rights, enforces contracts, and creates rules for businesses. This describes which role of government?

What is regulator