INTRO to Economics

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

My business makes tacos and maps. If I spend all my time making tacos, what is my opportunity cost? 

• Tacos
• Maps

Decisions in the economy are based on buyer/seller choices

• Command
• Market
• Mixed
• Traditional

The place where goods and services are exchanged

• barter
• currency
• market
• resource

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

What economy is where the government has total control of the economy. Businesses are not privately owned.

• Command
• Traditional
• Mixed
• Market

What type of economy occurs when the government has a little control, and there are also a few privately owned businesses.

• Command
• Traditional
• Market
• Mixed

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Command Economy

• Market Economy

• Traditional Economy

• Market Economy

Definition of Economics

• The study of how people use resources to fulfill unlimited needs and wants. ​

• The manufactured goods used to produce other goods and services.

• One who organizes, manages, and assumes the risks of a business or enterprise.​

• Natural resources present without human intervention.

Most governments operate under this type of economic system.

• Command System

• Mixed System

• Traditional System

• Market System