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Productive Resources
Vocabulary
Economic Policy Goals
Incentives
Types of Economies
100
Resources that are used to produce goods Extra points for each type of resource you name!
What is productive resources? (human, natural, capital)
100
What you have to give up in order to get the benefit of another action
What is opportunity cost?
100
Economic policy goal that everyone has a job.
What is full employment?
100
This type of incentive encourages people to do something because they get a reward.
What is a positive incentive?
100
Economy that citizens and government work together in economy.
What is a mixed economy?
200
This type of resource are humans that operate and make the goods and services.
What is a human resource?
200
Theory that we have limited resources, goods, and services.
What is scarcity?
200
Economic policy goal that we use resources to their fullest with little waste.
What is efficiency?
200
This incentive causes people do something out of fear.
What is a negative incentive?
200
An economy where the government controls everything?
What is command economy?
300
Materials that are found in nature such as minerals and trees
What are natural resources?
300
Only caring about an individual's own personal gain.
What is self-interest?
300
Economic policy goal that we produce more goods and services in a period than in the previous period.
What is growth?
300
A student gets an A on their quiz in Mr. Palladino's class. As a result, the student receives a prize the following Friday. What type of incentive is this?
What is a positive incentive?
300
Type of economy that is influenced by cultural practices and beliefs?
What is traditional economy?
400
Goods that are made to produce other goods and services
What are capital resources?
400
Two people agree to trade because they both benefit from the exchange.
What is voluntary exchange?
400
This economic policy goal is to create a minimal chance of unknown economic impact.
What is security?
400
I just bought a house, but I live in an area where a lot of people try steal things from houses. I decide to put in a security system because I am afraid of having stuff from my house stolen. What kind of incentive was this?
What is a negative incentive?
400
Type of economy that has basically no government influence and is run solely by the citizens?
What is market economy?
500
Give an example for each type of productive resource.
What are...
500
Economic policy goal that prices will not change/will change slowly in a given period of time.
What is stability?
500
This policy goal is meant to promote competition between businesses and it more fair for them.
What is equity?
500
I am about to take my final exam and my mom texts me saying she is going to take my phone away from me if I fail, but she would buy me a new phone if I get an A. What type of incentive is this?
What is a negative incentive/positive incentive?
500
You can receive an individual prize the week after a quiz if you do what?
What is get an "A" on the previous weeks quiz.