Economy
This entity oversees any decisions made in a Command Economy.
What is government?
The resources used to produce goods and services.
What are the factors of production?
The worth a product or service has in dollars and cents.
What is value?
This is the term used to describe the issue of unlimited resources vs. unlimited wants.
What is scarcity?
This is caused when two or more companies sell similar goods or services, inspiring innovation among producers, and offering more product variety to consumers.
What is competition?
This type of economy splits control over decisions between the market and the government.
What is a Mixed Economy?
This factor is composed of natural resources used in production such as coal, wood, oil, and others.
What is land?
Utility is the capacity to be useful and provide ____________.
What is satisfaction?
The cost of producing one more good or service.
What is marginal cost?
This is the title given to Adam Smith.
What is the Father of Economics?
In a Market Economy, economic decisions are made in the market by ___________ and __________.
What are individuals and businesses?
What is capital?
This is the term used to describe the requirement of giving up something for every choice.
What is opportunity cost?
A product or service intended for use by an individual.
This type of market occurs when one producer supplies a unique good or service not provided by other producers, or they do not have any competition in their market.
What is a monopoly?
In a Traditional economy, economic decisions are made based on customs, traditions, and _______.
What are beliefs?
This factor is composed of a human workforce whose skills are utilized in the production of goods and services.
What is labor?
This is how much output can be produced with a given set of inputs during a specific amount of time.
What is productivity?
A product or service intended for use by a business to produce other goods and services.
What is a capital good?
These are the three ___________ ________ _________: What to produce? How to produce? For whom to produce?
What are the fundamental economic questions?
This is the method used by a society to produce, allocate resources and distribute goods and services.
What is an Economic System?
This factor is composed of a leader, or leaders, seeking to make profits by combining resources to produce new goods and services to make a profit, and is willing to invest time and money into running a business and employ individuals to help create a growing economy.
What is entrepreneurship?
The sum of the skills, abilities, health, and motivation of people.
What is human capital?
The additional benefit or satisfaction a consumer receives from using a good or service.
What is marginal benefit?
An economic system in which prices are determined by supply and demand, with minimal government intervention.
What is a Free Market?