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Economics 1-2

Lester

QuestionAnswer
What is opportunity cost? the value of the item given up when another is chosen
Examples of capital are... machine, tools, and buildings used to produce goods and services
Any point inside a production possibilities curve indicates what is happening to resources? they are being used inefficiently
How are decisions made in a traditional economy? customs and beliefs
Economics is primarily concerned with? The use of scare resources
Minerals and other natural resources in economics are factors of production know as? Land
In a market economy the basic questions of what and how much should be produced are answered by? Individuals within the market
In which system is it easier to start your own business? Market
In a mixed economy has features of two economic systems command and ________. Market
A traditional economic system generally lacks? Progress
The three basic economic questions of what to produce, for whom to produce, and how to produce need to be answered by_________ All nations
What is an economic model used for? To represent real life economic situations and to analyze data
What is a hypothesis? An educated guess
When a point lies outside the production possibilities curve, what occurs? Production impossibility and might be reached with new technology
Which economic system is the government not involved in? Market
What type of economic system can be found in Hong Kong? Market
What type of economic system does the government assign jobs, sets production goals and decides wages? Command
What type of economic system would you find in North Korea? Command
What is the economic system in China like? The government controls some of the factors of production and the individuals control some.
What is the economic system in the U.S.A like? The government controls few of the decisions and individuals control most of the decisions.
Basic shelter is a need or want? need
A sno-cone is a need or want? want
Why do businesses try to keep prices as low as possible? to attract more customers
What does the term laissez-faire mean? the government should stand back and let individuals within the economy make decisions
What type of economic system does the United States have? Mixed
What is scarcity? When people want more goods and services than can be produced
Why do economist disagree on their theories, solutions, or predictions? They hold different values and they belong to different schools of thought
Do traditional economic systems exist today? Yes
What is another name for a market economic system? Capitalism
What is economic efficiency? Wise use of available resources so that costs do not exceed benefits
What is economic growth? expansion of the economy to produce more goods, jobs and wealth
What is economic equity? the attempt to balance an economic policy so that everyone benefits fairly
What is economic efficiency? Wise use of available resources so that costs do not exceed benefits
What is economic growth? expansion of the economy to produce more goods, jobs and wealth
What is economic equity? the attempt to balance an economic policy so that everyone benefits fairly
What is profit incentive? desire to make money that motivates people to produe and sell goods and services
What is private property? whatever is owned by individuals rather than by goverment
What is competition? rivalry among producers or sellers of similar goods and services to win more business
What is capitalism? economic system in which private individuals own the factors of production
Created by: shellylester
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