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Easy
Intermediate
Medium
Challenging
Hard
100
Required services and goods
What is Need
100
Replacing one item with another
What is Trade-Off
100
Accumulated resources
What is Wealth
100
Purchased assets bought by companies to provide goods and services to people
What is Financial Capital
100
When a capitalist economy can govern itself with minimal government input
What is Free Enterprise
200
Unnecessary goods
What is Want
200
World of limited resources full of humans with unlimited wants and needs
What is Scarcity
200
An exchange of goods that hold a certain value/benefit
What is Opportunity Cost
200
How useful a product is to a consumer
What is Utility
200
When companies try and achieve the same goal
What is Competition
300
The measure of human work
What is Labor
300
Resources that occur naturally
What is Land
300
Something that motivates an individual
What is Incentive
300
Economic class of people in a certain area and or country defined by the availability of goods and necessities
What is Standard of Living
300
The predetermination of companies to overemphasize profits
What is Profit Motive
400
Someone who starts their own business
What is Entrepreneur
400
Financial wealth that contributes to starting and maintaining a business
What is Capital
400
Production process to produce a quantity of goods or services in a certain amount of time
What is Input and Output
400
When certain items hold a higher importance but are lesser in value
What is Paradox of Value
400
When buyers decide how much a company will make of select items
What is Consumer Sovereignty
500
Items that satisfy wants
What is Good
500
The exchange of immaterial values
What is Service
500
When different agents contribute to the trade, production, or distribution of goods
What is Economy
500
RANDOM FACT (No points)
Approximately 40,000 Americans are injured by toilets each year.
500
Growth in the market value of many services and goods constructed by the economy over a short or long period of time
What is Economic Growth