Economics Chap. 1-3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| What is the sciences that studies the choices people make trying to satisfy their wants in a world of scarcity? | Economics
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| What forces you to make a choice? Ex gold & toothpaste | Scarcity
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| What is the most highly valued opportunity or alternative given up when a choice is made? | opportunity cost
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| What is the most common rationing device? | Price
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| What is something that encourages or makes a person take action. Ex BOGO | incentive
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| What is the study of human behavior and choices in small units such as individuals, a business or a single market? | microeconomics
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| What is the study of human behabior and choices as they relate to the entire economy? | Macroeconomics
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| What are things that you can touch? Ex. book | Tangible
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| What are things that you can't touch? | Intangible
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| What are tangible products that meet our wants and needs? Ex. food and clothing | Goods
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| What are tasks people do for each other for a payment? | Services
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| What are the three factors of production? | Land, Labor, and Capital
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| Give an example of land? | water, minerals, animals, and forests
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| Give an example of labor? | carpentry
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| Give an example of capital? | machinery, factories, and trucks
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| What refers to all natural resources? | Land
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| What refers to the physical and mental talents people use in the production of good and services? | Labor
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| What refers to produced goods that can be used as resources to make more goods and services? | Capital
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| What are the three major economic systems in the world today? | Free enterprise (capitalism)SocialismMixed Economy
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| What has private ownership with the government playing a small role in the economy? | Free Enterprise (Capitalism)
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| What has government ownership and control over property with the government playing a major role in a socialist system? | Socialism
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| Who wrote The Wealth of Nations in 1776 and is considered the Father of free enterprise? | Adam Smith
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| Who wrote Das Kapital in the mid-1800's and is considered the Father of Socialism and Communism? | Karl Marx
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| Name the five features of free enterprise? | Private propertyChoice or freedom to chooseVoluntary exchangeCompetitionEconomic Incentives
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| What is the amount of money left over after all of the costs of production have been paid? | Profit
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| What is the amount of money that the total costs exceed the total revenue? | Loss
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| Something that individuals can be physically excluded from attending...ex movies & college | Excludable public goods
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| Things that individuals cannot be physically excluded from using...ex national defense and roads | Nonexcludeable public goods
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| a person who develops new opportunities, products, and processes.....they also take risks. | Entrepreneurs
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| A side effect of an act which is felt by others....ex pollution | negative externality
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| A beneficial side effect of an act felt by others...ex coal mines turned to parks | positive externality
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