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