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A
Budding
Economist
100
This is the problem with scarce resources
What is there is not enough to satisfy people's unlimited wants?
100
This is the meaning of points along the ppc
What is efficiency (or the greatest outputs that can be achieved)?
100
This is the most difficult to achieve in a capitalist economy
What is economic equity?
100
This is an advantage of a market economy regarding production
What is easily adaptable to change?
100
This is the reason for government intervention in a market economy
What is to protect consumers and help maintain competition?
200
This is the definition of Economics
What is how individuals use scarce resources to satisfy unlimited wants?
200
This is the meaning of a ppc being a straight line
What is resources being equally adaptable?
200
This is the meaning of guns versus butter
What is defense spending versus social programs?
200
A factory building is an example of this FOP
What is physical capital?
200
This is the concept of laissez-faire according to Adam Smith
What is the invisible hand will regulate the market without government interference?
300
This is the definition of a market
What is the facilitation of exchange between buyers and sellers?
300
This is the message of Adam Smith's invisible hand
What is the self-regulating force of the market?
300
This is the difference between durable and non-durable goods
What is long-lasting versus perishable (like food)?
300
This is an efficient economy
What is maximizing output of all resources?
300
This is what is happening to China
What is moving from a centrally planned to a market economy?
400
This is the largest purchaser of goods and services in a circular flow diagram
What are households?
400
This type of economy exists in the US
What is a mixed capitalist economy?
400
This is the difference between shortage and scarcity
What is temporary versus permanent?
400
This would cause of ppc to shift right
What is innovative technology?
400
This is the concept of a safety net provided by government
What is welfare programs, unemployment insurance, etc.?
500
This is opportunity cost
What is the cost of the next best alternative?
500
These are three resources that households provide in a circular flow diagram
What are land, capital and entrepreneurship?
500
These are the two components of a circular flow diagram
What is product market and factor (resource) market?
500
This would cause a ppc to move to the left
What are natural disasters, wars, etc.?
500
This is the purpose of competition
What is a regulating force in the economy?