What is Econ?
True or False: A Market is a place where buyers and sellers interact.
True.
True or false: There are 6 factors of production.
False, there are 4.
True or False: Market economies under capitalism have historically produced the most economic growth.
True.
True or false: A hat is an example of a service.
True or False: Opportunity cost is an economic term meaning "sacrifice."
True
Is creating a personal budget an example of macro or micro economics?
microeconomics.
A teacher is an example of which of the factors of production?
Labor.
Which of the 3 economic systems (Traditional, Market, Command) allows for the greatest freedom of choice among consumers?
Market economies.
Between the following two goods, which is a want and which is a need?
clothes
iPad
clothes: need
iPad: want
You decide to go to sleep early, but miss out on finishing your homework. What's the opportunity cost of sleeping early?
Getting your homework done.
Who wrote the communist manifesto?
Karl Marx.
What is another name for a modern day inventor?
Entrepreneur.
Customs and roles play a big factor in what is produced in this type of economic system.
Traditional.
The work a mechanic does; Beyonce performing at a concert; and getting your teeth cleaned by a dentist are all examples of...
a service.
What is another word for "value" in economics?
utility.
The broad study of the economy as a whole is...
macroeconomics
What are the 4 factors of production?
Land, labor, entrepreneurship, and capital.
What are the 3 basic questions that all countries must answer?
WHAT, HOW and FOR WHOM to produce?
What is an example of a non durable good?
Answers may vary.
In economics, what is another word for choice?
Alternative.
A product being in high demand, but in low supply is an example of...
scarcity
Natural resources such as coal, oil, and gas are examples of which factor of production?
Land
Who answers the basic questions in a market economy?
Name a product that would be an example of both a durable good and a capital good?
Answers may vary.
According to Adam Smith, for something to have monetary value it must be...
scarce and have utility.