Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Condition of not being able to have all the goods and services one wants, because wants exceed what can be made from all available resources at any given time. | show 🗑
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| show | Factors of Production.
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| Value of the next best alternative given up for the alternative that was chosen. | show 🗑
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| Sacrificing one good or service to purchase or produce another. | show 🗑
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| show | Adam smith's invisible hand theory.
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| show | Profit incentive.
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| What are the three basic economic questions? | show 🗑
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| Way in which a nation uses its resources to satisfy its people's needs and wants. | show 🗑
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| show | The types of economic systems.
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| show | Traditional economy.
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| Cuba & China because their government controls everything. | show 🗑
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| Capitalism; where government has little control; America. | show 🗑
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| Ch.3: Money income a person has left to spend on extras after necessities have been bought. | show 🗑
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| show | Warranty.
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| Ch.4: Device used to make cashless purchases. | show 🗑
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| show | Credit card.
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| show | Freedom of use, Pride of ownership, and greater privacy.
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| Disadvantages of home ownership are.... | show 🗑
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| Advantages of renting are.... | show 🗑
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| show | No freedom of use, No return on rental money, few or no tax benefits, less privacy, little feeling of responsibility for seeing that the property is taken care of, No property for use as collateral need to wait for maintenance work at the convenience of t
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| show | Savings.
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| show | Individual Retirement Account.
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| What do the Dow-Jones Industrial Average and the Standard & Poor's (S&P) 500 measure? | show 🗑
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| What purpose do the Individual Retirement Accounts (IRA) serve? | show 🗑
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| What is a benifit over a stock? | show 🗑
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| show | Mutual funds.
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| show | The Law of Demand.
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| What causes a change in demand? | show 🗑
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| Situation in which a product's price change has little impact on the quantity demanded by consumers. | show 🗑
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| show | Law of Supply.
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| show | The quantity supplied and price change.
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| show | Equilibrium price.
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| If the demand for workers if the prices(minimum wage) increases then.... | show 🗑
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| show | organizational chart.
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Created by:
Hayley01
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