The Factors Of Production
Econ Basics
Economic Systems
American Economy
Potpourri
Things we haven't yet learned in Economics
The Factors Of Production Econ Basics Economic Systems American Economy Potpourri Things we haven't yet learned in Economics $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500
considered this factor A UPS Truck would be considered this factor of production
What is a Capital Good
considered this factor An apple tree would be considered this factor of production
What is Land
An artist drawing a mural on a building
What is Labor
A paintbrush used by an artist
What is capital
considered this factor Bill Gates or Donald Trump would be considered this factor of production
What is Entrepreneurship
businesses, and society to fulfill their unlimited The study of how individuals, families, businesses, and society use limited resources to fulfill their unlimited wants
What is Economics
Basic economic problem that results from a combination of limited resources and unlimited wants
What is Scarcity
The two different branches of economics
What are Microeconomics and Macroeconomics
best alternative given Value of the next best alternative given up for the alternative that was chosen
What is Opportunity Cost
Graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources
What is a Production Possibilities Curve
These are the 3 basic questions every economy must answer
What is What to Produce How to Produce it and For Whom
the factors of production and makes all decisions System in which the government controls the factors of production and makes all decisions about their use
What is a Command Economy (Socialism)
System in which individuals own the factors of production and make decisions on their use
What is a Market Economy (Capitalism)
which economic decisions Economic system in which economic decisions are based on customs and beliefs
What is a Traditional Economy
Economic model that pictures income and resources as flowing continuously between businesses and consumers
What is the Circular Flow of Income and Output
sellers decide what should In the United States Economy, buyers, not sellers decide what should be produced. This is called freedom of...
What is Choice
Rivalry among producers or sellers of similar goods - it is essential to our economic system
What is Competition
Amount earned after a business subtracts its costs from its revenues
What is Profit
Enterprise, and Assembly... that is a characteristic Of Freedom of Press, Religion, Speech, Enterprise, and Assembly... This is the one that is a characteristic of the US Economic System
What is Freedom of Enterprise
Laissez-Faire describes this concept of the American System
What is the Limited Role of Government
Wrote the Communist Manifesto
Who is Karl Marx
Idealized society in which no government is necessary
What is Communism
the Communist Manifesto Term used for the working class in the Communist Manifesto
What is the Proletariat
Statistics that point to what will happen in the economy
What is the Circular Flow of Income and Output
He wrote the "Wealth of Nations" and is considered the father of modern economics
Who is Adam Smith
The amount of a good or service that consumers are willing and able to buy at various prices
What is Demand
This is the result of when the average price of goods increases
What is Inflation
Association of workers organized to improve wages and working conditions for its members
What is a Labor Union
A complete restriction on the import or export of a particular good or goods going to or from a specific country
What is an Embargo
trade barriers between Trade agreement designed to gradually reduce trade barriers between Mexico, Canada, and the U.S.
What is NAFTA (North American Free Trade Agreement)
Final Jeopardy DECIDE YOUR WAGER