Economics Three Production Economics Opportunity Possibilities Economic cost
Economics
Three Production Economics Opportunity Possibilities Economic cost basics Curve Questions Four economies 100 100 100 200 200 200 300 300 300 400 400 400 500 500 500
Question 1 - 100 • The study of how people see to satisfy their needs and wants by making choices
Answer 1 – 100 • What is Economics?
Question 1 - 200 • Implies limited quantities of resources to meet unlimited wants.
Answer 1 – 200 • What is scarcity?
Question 1 - 300 • Occurs when producers will not or cannot offer goods or services at the current prices • Can be Temporary or Long-term
Answer 1 – 300 • What is a Shortage
Question 1 - 400 • Known as the factors of production
Answer 1 – 400 • What are land, labor, and capital
Question 1 - 500 • A person who took all human-made objects used to create other goods or services • Or, used the knowledge and skills gained through education and experience to provide a good or service
Answer 1 – 500 • Who is an Entrepreneur?
Question 2 - 100 • All the alternatives that we give up whenever we choose one course of action over another
Answer 2 – 100 • What are Trade-offs
Question 2 - 200 • When a society or country decides to produce more military goods than consumer goods
Answer 2 – 200 • What is “guns or butter"
Question 2 - 300 • The most desirable alternative given up as the result of a decision
Answer 2 – 300 • What is opportunity cost
Question 2 - 400 • When a person decides how much more or less to do they are
Answer 2 – 400 • What is Thinking at the Margin
Question 2 - 500 • When one thinks at the margin, and compares opportunity costs vs benefits, the decision making process is sometimes called
Answer 2 – 500 • What is a cost/benefit analysis
Question 3 - 100 • This graph shows alternative ways to use an economy’s productive resources.
Answer 3 – 100 • What is a production possibilities curve
Question 3 - 200 • This is the name of the line that is drawn on a production possibilities curve or graph.
Answer 3 – 200 • What is the production possibilities frontier
Question 3 - 300 • This refers to the using of resources in such a way as to maximize the production or output of goods and services
Answer 3 – 300 • What is efficiency
Question 3 - 400 • This law states that as production switches from one item to another, more and more resources are necessary to increase production of the second item
Answer 3 – 400 • What is the Law of Increasing Costs
Question 3 - 500 • If an economy is not using all of its resources to produce the maximum possible output and is using fewer than it is capable of using, this economy is showing what on it’s production possibilities curve?
Answer 3 – 500 • What is Underutilization
Question 4 - 100 • The method used by a society to produce and distribute goods and services.
Answer 4 – 100 • What is an Economic System
Question 4 - 200 • What goods and services should be produced? • How should these goods and services be produced? • Who consumes these goods and services? • These are refered to as
Answer 4 – 200 • The Three Key Economic Questions
Question 4 - 300 • The people who own land, labor and capital, and turn around and sell them, receive payment in the form of
Answer 4 – 300 • What are Factor payments?
Question 4 - 400 • A set of governmental programs that protect people experiencing unfavorable economic conditions.
Answer 4 – 400 • What is a safety-net
Question 4 - 500 • Are the Five Economic Goals and Societal Values
Answer 4 – 500 • • • Economic Efficiency Economic Freedom Economic Security and Predictability Economic Equity Economic Growth and Innovation
Question 5 - 100 • Relies on habit, custom, or ritual to decide what to produce • Little room for innovation or change
Answer 5 – 100 • What is a traditional economy
Question 5 - 200 • In this economy, economic decisions are made by individuals and are based on exchange or trade.
Answer 5 – 200 • What is a Market Economy
Question 5 - 300 • In this economy, the central government alone answers the three key economic questions. j
Answer 5 – 300 • What is a centrally planned or command economy?
Question 5 - 400 • These are market-based economic systems in which the government plays a limited role.
Answer 5 – 400 • What is a Mixed Economy
Question 5 - 500 • The choices made by individuals determine what gets made, how its made, and who consumes the goods and services in what two types of economies?
Answer 5 – 500 • What is Market and Mixed?
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