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Economic Basics

Economic Basics. Scarcity. Economic Concepts. Choices & Decisions. Economic Systems. Free Enterprise. 10. 10. 10. 10. 10. 20. 20. 20. 20. 20. 30. 30. 30. 30. 30. 40. 40. 40. 40. 40. 50. 50. 50. 50. 50. Topic 1 – 10 Points. QUESTION:

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Economic Basics

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  1. Economic Basics

  2. Scarcity Economic Concepts Choices & Decisions Economic Systems Free Enterprise 10 10 10 10 10 20 20 20 20 20 30 30 30 30 30 40 40 40 40 40 50 50 50 50 50

  3. Topic 1 – 10 Points QUESTION: • Something that you would like to have. ANSWER: • What is want?

  4. Topic 1 – 20 Points QUESTION: • Something that is essential to survival. ANSWER: • What is a Need?

  5. Topic 1 – 30 Points QUESTION: • This is provided by the government because private businesses do not see the incentive of providing it to consumers. ANSWER: • Public Goods

  6. Topic 1 – 40 Points QUESTION: • We make choices regarding the use of scarce resources using 3 questions. ANSWER: • What to produce? • How to produce? • For Whom to produce?

  7. Topic 1 – 50 Points QUESTION: • The Fundamental Economic Problem. ANSWER: • What is Scarcity?

  8. Topic 2 – 10 Points QUESTION: • A useful tangible item. They can be durable and non durable. ANSWER: • What is a good?

  9. Topic 2 – 20 Points QUESTION: • Worked performed by someone for the consumer. ANSWER: • What is a service?

  10. Topic 2 – 30 Points QUESTION: • The “Father of Modern Economics.” Laid out the foundations of classical free market economic theory. ANSWER: • Who is Adam Smith?

  11. Topic 2 – 40 Points QUESTION: • We rely on others and others rely on us to provide the goods. ANSWER: • What is economic interdependence?

  12. Topic 2 – 50 Points QUESTION: • Shows the high degree of economic interdependence in our economy. The factors of production & the products made flow one way while money flows the opposite way. ANSWER: • What is The Circular Flow of Economic Activity?

  13. Topic 3 – 10 Points QUESTION: • ALL the alternative Choices are also known as... ANSWER: • What are Trade-offs?

  14. Topic 3 – 20 Points QUESTION: • To represent opportunity costs, economists use these to represent the various combinations of goods and services that can be produced. ANSWER: • What are production possibilities frontier? What is ppf?

  15. Topic 3 – 30 Points QUESTION: • Calculate the opportunity cost from point B to point A. ANSWER: • What is 20? A 100 B 75 0 20 40

  16. Topic 3 – 40 Points QUESTION: • Explain point X. ANSWER: • What is an unattainable point right now? Can be reached in the future with new resources, technology, or people. • X

  17. Topic 3 – 50 Points QUESTION: • This analysis helps determine if the results of something are worth the initial cost. ANSWER: • What is cost-benefit analysis?

  18. Topic 4 – 10 Points QUESTION: • The government makes all the decisions regarding the economy. ANSWER: • What is a command economy?

  19. Topic 4 – 20 Points QUESTION: • Economic choice is still available but there are some government regulations. ANSWER: • What is a mixed economy?

  20. Topic 4 – 30 Points QUESTION: • Consumers and producers are the guiding force. ANSWER: • What is a market economy?

  21. Topic 4 – 40 Points QUESTION: • Communism uses this kind of economic system. ANSWER: • What is a command economy?

  22. Topic 4 – 50 Points QUESTION: • Determine which economic system uses pure unmodified free enterprise. ANSWER: • What is a market economy?

  23. Topic 5 – 10 Points QUESTION: • Free Enterprise is often confused as meaning the same thing as… ANSWER: • What is Capitalism?

  24. Topic 5 – 20 Points QUESTION: • Citizens want them to be involved while businesses want them to stop interfering. ANSWER: • What is government?

  25. Topic 5 – 30 Points QUESTION: • Everyone benefits from this individual/groups role. ANSWER: • What is an entrepreneur?

  26. Topic 5 – 40 Points QUESTION: • They hold sovereignty in a free enterprise. ANSWER: • Who are consumers?

  27. Topic 5 – 50 Points QUESTION: • Buyers and sellers willingly exchange in market transactions. ANSWER: • What is voluntary exchange?

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