Economy Hinton Word Scramble
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Question | Answer |
What are 5 factors of production? | Natural resources, human resources, capital resources, entrepreneurship, and technology |
What are capital goods? | the buildings, structures, machinery, and tools used in the production process |
Who are the "decision makers" in a capitalistic economy? | producers and consumers |
A natural resource is a factor of production only when it is... | scarce |
What is productivity? | level of input produces how much output |
What is efficiency? | less input that produces the most output |
Whose ideas were adopted by Henry Ford to create the first industrial assembly line? | Eli Whitney |
What is microeconomics? | choices made by individuals, companies, regions (producers/consumers) |
What is macroeconomics? | the study on entires economies |
What are 2 types of human resources? | physical and mental labor |
What are 2 types of capital resources? | money and capital goods |
What are 2 types of goods? | Consumer and capital |
What does laissez Faire mean? | "hands off" or to let alone. Adam Smith wrote a book about this because he believe the government should leave the economy alone |
What is automation? | Replacing humans with machines |
What does the government interfere with in our economy? | Regulation and subsidizing |
Who created the idea of mercantilism? | Thomas Colbert |
Where was the first Walmart? | Arkansas |
What are 3 mediums of exchange? | money, barter, and credit |
How do you describe economics in one word? | choice |
What is a production possibilities curve? | all the possible combinations of 2 goods/ services that can be produced within a stated time period |
What are the 2 assumptions that have to be assumed in a production possibilities curve? | 1) Resources and technology will remain constant 2) production is at maximum efficiency |
What is a commodity? | a standard set of money that has worth in itself (gold coins) |
When was the last time silver was actually used in a quarter? | 1964 |
What is value based on? | its utility and its scarcity |
What are 3 credit bureaus that monitor credit/ credit report? | Equifax, Experion, Trans Union |
What is a numismatist? | another word for a coin collector |
Who were the first people to use money? | The Lydians |
What is mercantilism? | The goal of having a country be totally self sufficient. Have colonies to serve as your source of raw material |
What book did Adam Smith write? | "The Wealth of Nations" (1776) |
What are 3 basic economic questions? | 1) What to produce? 2) How to produce? 3) From who to produce? |
Who was the economist behind FDR: spend more than you have? | John M. Keynes |
What is economics? | the study of the choices made by producers/consumers to fulfill needs and wants |
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