Vocab
Extra
People
Vocab 2
More Vocab
100
Something that is used to encourage people to make certain choices or behave in a certain way.
1.) Incentive
2.) Command Economy
3.) Subject
Incentive
100
Thomas Robert Malthus was:
1.) An English economist
2.) A German philosopher
3.) A mailman
An English economist
100
Adam Smith was:
1.) A Scottish economist and philosopher
2.) A communist
3.) Russian
A Scottish economist and philosopher
100
The equipment, tools, machinery, and so forth that are used in the production of a good or service.
1.) Capital
2.) Investment
3.) Allocate
Capital
100
A rule, law, or order that sets expectations about workplace conditions, goods, or services.
1.) Allocate
2.) Scarcity
3.) Regulation
Regulation
200
What a person gets by giving up one thing in order to obtain another.
1.) Incentive
2.) Marginal Benefits
3.) Trade-off
Trade-off
200
Jean-Baptiste Say was:
1.) A French economist
2.) A German philosopher
3.) A British mailman
A French economist
200
Adam Smith wrote:
1.) The Dictionary
2.) The Wealth of Nations
3.) Russian Code
The Wealth of Nations
200
A graph that shows different ways for resources to be used for production.
1.) Command Economy
2.) Capital Investments
3.) Production Possibilities Curve
Production Possibilities Curve
200
The separation of tasks related to producing a good or service to increase productivity.
1.) Division of Labor
2.) Trade-off
3.) Opportunity Cost
Division of Labor
300
The basic economic problem of fulfilling unlimited wants with limited resources.
1.) Incentive
2.) Scarcity
3.) Trade-off
Scarcity
300
David Ricardo was:
1.) A French economist
2.) A German philosopher
3.) A British economist
A British Economist
300
Karl Marx was:
1.) A Scottish economist
2.) A German philosopher
3.) A Japanese businessman
A German Philosopher
300
The measure of outputs as compared to inputs needed to produce those outputs.
1.) Capital
2.) Capital Investments
3.) Productivity
Productivity
300
A worldwide economic downturn that lasted from 1929 until 1939.
1.) Allocate
2.) Market Economy
3.) The Great Depression
The Great Depression
400
The benefits that are lost when one option is chosen over another.
1.) Incentive
2.) Opportunity Cost
3.) Trade-off
Opportunity Cost
400
The separation of tasks related to producing a good or service to increase productivity.
1.) Division of Labor
2.) Motivating business
3.) Production Possibilities Chart
Division of Labor
400
Karl Marx helped:
1.) Inspire communism and socialism
2.) Inspire more capitalism
3.) Destroy countries
Inspire Communism and Socialism
400
The act of buyers and sellers freely taking part in the market by buying and selling goods and services.
1.) Growth
2.) Voluntary Exchange
3.) Trade-off
Voluntary Exchange
400
The amount of money that a person or business pays to accomplish future goals.
1.) Capital Investments
2.) Incentives
3.) Growth
Capital Investments
500
In an economic system, to direct resources to uses that satisfy people's wants and needs.
1.) Incentive
2.) Opportunity Cost
3.) Allocate
Allocate
500
An economic system in which the government decides what goods and services are produced, how they're produced, and who gets them.
1.) Traditional Economy
2.) Command Economy
3.) Market Economy
Command Economy
500
The Wealth of Nations was written by:
1.) Karl Marx
2.) Jean Baptiste
3.) Adam Smith
Adam Smith
500
A creative work, such as a design or a manuscript, that a person or entity has ownership over.
1.) Allocate
2.) Property
3.) Intellectual Property
Intellectual Property
500
An increase in production.
1.) Capital Investments
2.) Incentives
3.) Growth
Growth