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Basic Concepts
How to produce?
What to Produce?
Basic Concepts
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Basic Concepts Review
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1
What to Produce?
Third Basic Economic Question
First Basic Economic Question
Second Basic Economic Question
2
How to produce?
Second Basic Economic Question
First Basic Economic Question
Third Basic Economic Question
3
Something that people desire but is not essential for survival.
Want
Need
4
The curve demonstrating production trade offs
Production Table
Production Possibilities Curve
5
The invisible force regulating the economy when government does not intrude
Invisible Hand
Regulation
Self Interest
6
Maximizing production with available resources is ________?
Security
Efficiency
Growth
7
The best not chosen option
Utility
Margin
Diminishing Utility
Opportunity Cost
8
When you apply for a job, you are requesting to sell your ___ in return for payment.
Strength
Benefits
Knowledge
Labor
9
Economic System Based On Bartering
Free Market
Mixed
Command
Traditional
10
When government intervention and free market elements work together
Free Market Economy
Mixed Economy
Traditional Economy
Command Economy
11
Infinite Wants, Finite Resources
Utility
Scarcity
Margin
Opportunity Cost
12
In the circular flow model, businesses sell goods to ___________?
Retailers
Households
Factories
13
_______is the structure of methods and principles a society uses to produce goods and services.
Base Marginal Analysis
Economic System
Monetary Policy
Economic Theory
14
Who to Produce For?
First Basic Economic Question
Second Basic Economic Question
Third Basic Economic Question
15
Three Factors of Production
Land, Labor, Capital
Human and Physical Capital
Utility, Margin, Labor
