Economic Basics
$100
This means people’s wants are greater than available resources.
Answer: What is scarcity?
$100
This refers to what consumers want and can buy.
Answer: What is demand?
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This economy is controlled mainly by the government.
Answer: What is a command economy?
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This type of business is owned by one person.
Answer: What is a proprietorship?
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Buying and selling goods across borders is called this.
Answer: What is global trade?
$200
These are tools and machines used in production.
Answer: What are capital resources?
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When demand is greater than supply, this occurs.
Answer: What is a shortage?
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This system gives the private sector the most control.
Answer: What is a free market economy?
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This business is its own legal entity and can sell stock.
Answer: What is a corporation?
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Producing what you do best to increase efficiency is called this.
Answer: What is specialization?
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The value of workers’ skills and experience.
Answer: What is human capital?
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This price occurs where supply equals demand.
Answer: What is equilibrium price?
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Most countries today use this type of economy.
Answer: What is a mixed economy?
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These laws prevent monopolies and protect competition.
Answer: What are antitrust laws?
$300
Taxes placed on imported goods are called these.
Answer: What are tariffs?
$400
What is given up when a choice is made.
Answer: What is opportunity cost?
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This occurs when the money supply rises and prices increase.
Answer: What is inflation?
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This means consumers decide what gets produced.
Answer: What is consumer sovereignty?
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This agency controls the money supply and banking stability.
Answer: What is the Federal Reserve?
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Planning how to spend and save money.
Answer: What is budgeting?
$500
The four factors of production are land, labor, capital, and this.
Answer: What is entrepreneurship?
$500
In the circular flow model, money moves in the opposite direction of these.
Answer: What are goods and services?
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This encourages businesses to improve quality and innovate.
Answer: What is competition?
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These are rules created by executive agencies to enforce laws.
Answer: What are regulations?
$500
Protection against financial loss from unexpected events.
Answer: What is insurance?