1. Econ#1
Econ#2
Econ#3
Econ#4
Econ#5
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2. Economics is the study of this
$100
Economics is the study of this

3. $100
Scarcity

4. Name and describe one factor of production
$200
Name and describe one factor of production

5. Land, labor, capital, or entrepreneurship
$200
Land, labor, capital, or entrepreneurship

6. The next-best alternative to a choice
$300
The next-best alternative to a choice

7. $300
Opportunity cost

8. The cost of an additional unit
$400
The cost of an additional unit  

9. $400
Marginal cost

10. Name one thing that can be learned from a PPC
$500
Name one thing that can be learned from a PPC

11. How much of 2 resources that can be produced…
$500
How much of 2 resources that can be produced…

12. These are always unlimted
$100
These are always unlimted

13. $100
Wants

14. Term for using resources ineffectively
$200
Term for using resources ineffectively

15. $200
Underutilization

16. Term for hands off approach
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Term for hands off approach

17. $300
Laissez faire

18. $400
Economic system based on private ownership of the factors of production  

19. $400
Capitalism

20. Social Security is an example of this
$500
Social Security is an example of this

21. $500
Transfer payment

22. $100
When people who are not part of a marketplace interaction benefit from it or pay part of its costs

23. $100
Market failure

24. North Korea is an example of this type of economy
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North Korea is an example of this type of economy

25. $200
Command

26. He stressed that the working class would overthrow capitalism
$300
He stressed that the working class would overthrow capitalism

27. $300
Karl Marx

28. $400
The ability of everyone to enter and compete in the marketplace by free choice

29. $400
Open opportunity

30. $500
Side effect of a product that affects someone other than the producer/buyer

31. $500
Externality

32. In economics, guns refers to___ and butter to ____
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In economics, guns refers to___ and butter to ____

33. Military goods and consumer goods
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Military goods and consumer goods

34. Cost-benefit analysis means…
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Cost-benefit analysis means…

35. Do something only if the MB>MC
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Do something only if the MB>MC

36. Benefits that encourage people to act in certain ways
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Benefits that encourage people to act in certain ways

37. $300
Incentives

38. One thing we can learn from the circular flow model is
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One thing we can learn from the circular flow model is

39. $400
Relationship between households and businesses; Relationship between product market and factor market

40. The three economic questions are:
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The three economic questions are:

41. $500
1. What and how much to produce? 2.How will it be produced? 3. For whom will it be produced?

42. $100
Shows how society uses resources to satisfy people’s wants; can vary from country to country

43. $100
Economic system

44. Money left after production costs are subtracted from revenue
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Money left after production costs are subtracted from revenue

45. $200
Profit

46. $300
Government may pay part of the cost of something that has the potential to benefit the public as a whole

47. $300
Subsidy

48. $400
Person who avoids paying for a good or service but is able to benefit from that good/service

49. $400
Free rider

50. Economic system that focuses on family and is based on customs
$500
Economic system that focuses on family and is based on customs

51. $500
Traditional economy