Economics 1-2 Word Scramble
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| Question | Answer |
| What is opportunity cost? | the value of the item given up when another is chosen |
| Examples of capital are... | machine, tools, and buildings used to produce goods and services |
| Any point inside a production possibilities curve indicates what is happening to resources? | they are being used inefficiently |
| How are decisions made in a traditional economy? | customs and beliefs |
| Economics is primarily concerned with? | The use of scare resources |
| Minerals and other natural resources in economics are factors of production know as? | Land |
| In a market economy the basic questions of what and how much should be produced are answered by? | Individuals within the market |
| In which system is it easier to start your own business? | Market |
| In a mixed economy has features of two economic systems command and ________. | Market |
| A traditional economic system generally lacks? | Progress |
| The three basic economic questions of what to produce, for whom to produce, and how to produce need to be answered by_________ | All nations |
| What is an economic model used for? | To represent real life economic situations and to analyze data |
| What is a hypothesis? | An educated guess |
| When a point lies outside the production possibilities curve, what occurs? | Production impossibility and might be reached with new technology |
| Which economic system is the government not involved in? | Market |
| What type of economic system can be found in Hong Kong? | Market |
| What type of economic system does the government assign jobs, sets production goals and decides wages? | Command |
| What type of economic system would you find in North Korea? | Command |
| What is the economic system in China like? | The government controls some of the factors of production and the individuals control some. |
| What is the economic system in the U.S.A like? | The government controls few of the decisions and individuals control most of the decisions. |
| Basic shelter is a need or want? | need |
| A sno-cone is a need or want? | want |
| Why do businesses try to keep prices as low as possible? | to attract more customers |
| What does the term laissez-faire mean? | the government should stand back and let individuals within the economy make decisions |
| What type of economic system does the United States have? | Mixed |
| What is scarcity? | When people want more goods and services than can be produced |
| Why do economist disagree on their theories, solutions, or predictions? | They hold different values and they belong to different schools of thought |
| Do traditional economic systems exist today? | Yes |
| What is another name for a market economic system? | Capitalism |
| What is economic efficiency? | Wise use of available resources so that costs do not exceed benefits |
| What is economic growth? | expansion of the economy to produce more goods, jobs and wealth |
| What is economic equity? | the attempt to balance an economic policy so that everyone benefits fairly |
| What is economic efficiency? | Wise use of available resources so that costs do not exceed benefits |
| What is economic growth? | expansion of the economy to produce more goods, jobs and wealth |
| What is economic equity? | the attempt to balance an economic policy so that everyone benefits fairly |
| What is profit incentive? | desire to make money that motivates people to produe and sell goods and services |
| What is private property? | whatever is owned by individuals rather than by goverment |
| What is competition? | rivalry among producers or sellers of similar goods and services to win more business |
| What is capitalism? | economic system in which private individuals own the factors of production |
Created by:
shellylester
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