Economics Unit 01

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

• Economics

• Consumer Science

• Opportunity Costs

• Capitalism

__________ things required to live such as food, shelter, clothing, air

• Needs

• Wants

• Tradeoff

• Opportunity Cost

____________ the actual thing you gave up to have something else. Everything has a cost

• Opportunity Cost

• Tradeoff

• Incentives

• Resources

_____________ anything that it used to make a good or service.

• Resources

• Good

• Service

• Entrepreneurship

_______________ father of capitalism, wrote the wealth of nations, and believed in a concept known as the invisible hand.

• Adam Smith

• David Ricardo

• Thomas Malthus

• Karl Marx

____________ supply & demand determines what gets produced

• Free Market Economy

• Closed Economy

• Socialism

• Command Economy

______________ not having enough resources to satisfy all of the needs/wants

• Scarcity

• Opportunity Cost

• Tradeoff

• Deregulation

Scarcity forces people to_____________________

• Make Choices

• Satisfy all their wants and needs

• Give up opportunity cost

• Achieve economic success

What a society uses to answer the four economic questions?

• Economic System

• The Phillips Curve

• Capitalism

• Deregulation

Which one of the following answers is not one of the four major economic questions?

• What to produce?

• How much to produce?

• How to produce?

• Who to tax?