Study guide questions, and answers
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| What is economics? | show 🗑
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| What is the difference between a want and a need? | show 🗑
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| show | Scarcity means that people do not have and cannot have enough income, time, and other resources to satisfy their every want. Shortages are when demand is high but not enough is being produced.
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| What are the factors of production? | show 🗑
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| What is productivity? | show 🗑
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| What is a trade-off? | show 🗑
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| show | The value of the next best alternative that had to be given up to do the action that was chosen.
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| show | This is a curve that can help people and businesses determine how much of each item to produce, thus revealing the trade-offs and opportunity cost.
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| What is the meaning of economy? | show 🗑
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| show | A theory or simplified representation that helps explain and predict economic behavior in the real world.
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| show | An educated guess or prediction.
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| show | Values are the beliefs or characteristics that a person or group considers important such as religious freedom from want and so on.
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| What is an economic system? | show 🗑
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| What are the three basic questions all economic systems must answer? | show 🗑
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| show | Traditional Economic System, Command Economic System, Market Economic System, and Mixed Economic System.
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| What is the circular flow of economic activity and how does it work? | show 🗑
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| What are the characteristics of a pure market economic system? | show 🗑
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| show | Another name for the market system. Pure capitalism has also been called a laissez-faire system.
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| show | The French term means "Let people do as they choose."
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| What is another name for a free enterprise system? | show 🗑
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| Who is Adam Smith and what did he write? | show 🗑
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| show | The money left after all the costs of production have been paid, including wages, rents, interest, and taxes.
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| What is the meaning of private property? | show 🗑
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| show | Economic freedom, economic efficiency, economic equity, economic security, economic stability, and economic growth.
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| What are trade-offs among goals? | show 🗑
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| show | Government has become an important part of our economy individuals in our system have the responsibility of electing responsible government officials. This requires both knowledge and ability to analyze consequences of those policies.
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