Show:
The Basics
Types of Resources
Types of Economies
Supply & Demand
Changes
100
The basic economic problem that arises because people have unlimited wants but resources are limited. Because of it, various economic decisions must be made to allocate resources efficiently.
What is scarcity?
100

The work a mechanic, teacher, accountant, or professional athlete performs.

What is human resources?

100
The 3 basic economic questions are addressed according to custom (or the way things have always been done).
What is a traditional economy?
100
The willingness and ability to purchase goods and services at particular prices.
What is demand?
100

Scarcity of a resource.

What causes supply to drop, and price to increase?

200
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
What is opportunity cost?
200
Land, water, and fossil fuels.
What are natural resources?
200
The 3 basic economic questions are addressed by buyers (consumers) and sellers (producers) alone
What is a (free) market economy?
200
The willingness and ability to produce goods and to provide services at particular prices.
What is supply?
200

Surplus of a resource.

What causes supply to increase and price to decrease?

300
A product that can be purchased by a consumer.

What is a GOOD?

300
Money invested, a computer network, and office supplies.
What is capital (and capital goods)?
300
The 3 basic economic questions are addressed by a centralized government or authority.
What is a command economy?
300
Arises when the quantity supplied exceeds the quantity demanded. It signals that prices are too high and should be lowered.
What is surplus?
300

Boycott.

What causes demand to decrease and price to decrease?
400

An act that is performed to help a consumer.

What is a service?

400

The vehicle a delivery driver drives is an example of this.

What is a capital resource?

400
The 3 basic economic questions are addressed in combination by custom, a centralized government or authority, and buyers (consumers) and sellers (producers).
What is a mixed economy?
400

Arises when the quantity demanded exceeds the quantity supplied. It signals that prices are too low and should be raised.

What is a shortage/scarcity?

400

Elasticity of supply.

What is how easily a item can have its supply changed?

500

The things that make up goods and services.

What is a resource?

500

The pay a human resource receives is usually corresponding to the rarity of their _______.

What are skills?

500
The 3 most basic economic questions a community, society, or nation must answer.
What are 1) What to produce? 2) How to produce it? 3) For whom is it produced?
500
The point at which demand equals supply and neither surplus nor shortage exists.
What is (market) equilibrium (or equilibrium price)?
500

Elasticity of demand. 

What is how easily consumers change their buying habits based on price>