Fundamentals of Econ
Describes a type of good that is used in everyday life.
What is Consumer Good
Workers are considered what type of capital?
What is Human Capital
Giving people a fair chance to succeed is most associated with what type of economic system?
What is Free Market or Capitalism
This describes when a person decides to start a business.
What is Entrepreneurship
This describes goods that would be in your household.
What is Private Goods
These describe products that are used at your job. (In relations to MILITARY goods)
What is Capital Good
Identify the following term… An L-shaped graph that shows a combination of two things that you could be doing or making.
What is a Production Possibilities Curve
In what type of system does the government own the means of production?
What is Command
This describes machinery, equipment or tools used in production.
What is Capital
How are public goods paid for?
What is Taxes
Taxes leveed by the Government would describe what type of economics?
What is Macroeconomics
What is the main economic problem everybody has
What is Scarcity
This is the most common type of economic system.
What is Mixed Economic System
If a company is getting the most out of its resources in order to produce a good, it would be described as what?
What is Efficient
In what market do businesses sell products?
What is Product Market
A taxi service, a mechanic fixing your car, an insurance company all describe what?
What is a Service
What term describes what a person is giving up to do something else?
What is Opportunity Cost
This is the oldest type of economic system.
What is Traditional Economic System
This describes the people who are put to work to produce a good.
What is Labor
What shows the relationship between the four different markets?
What is the Circular Flow Chart
The study of an individual’s personal financial situation would be what type of economics?
What is Microeconomics
An individual decides to pay $8 to see a movie instead of buying an $8 meal. What is the opportunity cost of the movie?
The satisfaction missed by not seeing the movie.
This person wrote “The Wealth of Nations”
Who is Adam Smith
What are the four factors of production?
What is Land, labor, capital, and entrepreneurship.
This market provides labor for the factor market.
What is Households