What is the study of how people satisfy needs and wants with limited resources?
100
A trade-off
What is a random option that could have been chosen but wasn't
100
Things that every business needs to function
What is land, labor, capital, entrepreneurship?
100
System where people control the factors of production
What is a market economy?
100
A tangible item that can satisfy a want
What is a good?
200
The main issue in economics
What is scarcity?
200
Implies a value to your selection
What is an opportunity cost?
200
The 3 basic questions each economic system answers
What are:
What to produce?
How to produce it?
For whom to produce?
200
Also known as a production possibilities curve
What is a "guns and butter" curve?
200
Action that can satisfy a person's wants/needs
What is a service?
300
The difference between a want and a need
What is necessary for survival and unnecessary for survival?
300
The definition of opportunity cost
What is the next best alternative to the choice you made?
300
Main economic systems discussed in class
What are traditional, command, and market?
300
The definition of a production possibilities curve
What shows the maximum combination of goods/services that can be produced from a given amount of resources?
300
Characteristics of a traditional economy
What is... (answers vary)
400
The difference between scarcity and shortage
What is the extinction of a resource vs the temporary unavailability of a good
400
5 trade-offs made by being at school.
What is... (answers will vary).
400
3 characteristics of a command economy
What is... (answers vary).
400
Controls factors of production in command economy
Who are the military or small dictator/elite?
400
3 groups using traditional economic system
Who are:
Aborigines
Mountain Folk
Amish
Inuit
Varies...
500
Explanations for each factor of production
What are:
Land - raw materials used to make product (ingredients)
Capital - man-made goods used to manipulate/create item
Labor - Worker
Entrepreneurship - the idea for a new product/item
500
Necessitates choice
What is scarcity?
500
3 characteristics of a market economy
What is... (answers vary)
500
The reason companies use production possibilities curve
What is researching the best way to use resources? (Biggest bang for buck)