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Week 13 Econ

QuestionAnswer
Define: Supply how much of a good or service the seller has
scarcity when there is not enough of something
surplus more than is needed or used
What is consumer choice? The decisions consumers make with shopping, goods, and services
opportunity cost cost of choosing one opportunity or investment over another
Cost Benefit Analysis comparing the costs with the benefits of that action
The relationship between risk and reward Higher risk = higher reward
What is an incentive? Motivates one to do something
When a tax becomes a disincentive to work, the resulting reduction in productivity is a form of deadweight loss
All economies answer, what, how to produce and for whom? 3 basic economic questions
Three basic types of economic systems are: free enterprise, command economy, mixed economy
What are the factors of production? Land, Labor, Capital, entrepreneurship
Mercantilism was an economic system in which the mother country wanted to Increase exports and decrease imports
How can the government intervene in the economy? Monetary Policy
What does Monetary policy involve? Interest rates
Absolute advantage compares one nation's productivity to another's
Created by: kdjones216a1
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