Duplicate of Economics Basics

What did Adam Smith write?

Exists only in S.A and Africa

Which is the least scarce?

Government has little to no control

Amount of goods and services consumers are will to and able to buy at a certain price.

What are actions done for another?

Selection of an item or action from a set of possibilities.

Why are skilled workers paid more?

What is something that you cannot live without?

What is given up when a choice is made?

What are factors of production?

Which is not a basic economic question that society must answer?

Government has complete control.

The using of resources

The inability to satisfy all wants at the same time, requires choices to be made.

Examples include North Korea and Cuba.

What is the organized way countries answer the 3 basic economics questions?

Example is the USA, it is the most common

Who are paid to produce goods and services?

Amount of goods and services producers are willing and able to sell at a certain price.

What are things that you desire, but can do without?

The study of what people want and how they produce to obtain the goods and services they desire

Land used in production is considered?

Who must deal with scarcity?

Adam Smith thought we should limit government because...

Things that motivate consumers to change their economic behaviors.

What is a physical item, ex. clothing.

If mike buys a slurpee instead of a hotdog with his dollar what is his opportunity cost?

If a product that is always in high demand drops in price what will happen?