What is Economics?
Study of how we make decisions in a world where resources are limited?
What is economics?
Type of economy based on customs and closely tied to the land
What is a traditional economy?
Factor of production that involves natural resources
Maya earns $500 from her part-time job and uses $100 to buy clothes. Which sector receives Maya's spending?
What is Business?
What is the name of this class?
What is economics and personal finance?
What is the basic economic problem?
Scarcity/ Unlimited wants limited resources
The type of economy controlled directly by the government.
What is a command economy?
Factor of production that includes workers
What is labor?
A family buys a pizza from Domino's. Is this part of the factor market or product market?
What is product market?
If you do these & staple them you pretty much have an automatic A/B on a rehearse grade
What is take your notes?
Study of economics on a small scale is ________.
Study of economics on a large scale is ________.
What is microeconomics?
What is macroeconomics?
Type of economy that is based completely on supply and demand with no government involvement
What is a market/free/laissez faire economy?
Factor of production that describes the tools and machinery used to make a good or service.
What is capital?
In which market do businesses purchase or hire factors of production?
What is factor market?
Mr. Wells right hand man who you can find across the hall?
Who is Mr.C/ Mr.Clodfelter?
The next-best alternative; the thing you give up when you make a decision.
What is opportunity cost?
Type of economy that features both command and market; type the US has.
What is a mixed economy?
Factor of production that involves the implementation of new ideas and new products
What is entrepreneurship?
Businesses combine factors of production to create what?
Amount of years teaching?
What is 9?
What are the 3 questions that must be answered due to scarcity?
What to Produce, How to Produce, and For Whom to Produce?
Author of The Wealth of Nations and spoke of the "Invisible Hand" in laissez-faire economics.
Who is Adam Smith?
What is the specific term for the skills, education, talents, and abilities people bring with them to a job?
What is human capital?
__________ is where decisions are made.
__________ is where things are bought & sold?
What is sector and market?
Mr.Wells favorite college football team
What is the Miami Hurricanes?