Intro to Economics

Economic problem that arises because people have unlimited wants and needs in the face of limited resources.

Minimum amount of compensation an employee must receive for performing labor usually set by government

If a country is in an economic depression what would a Keynesian economist suggest?

study of different systems of economics, such as capitalism, socialism, and the mixed economies.

Part of the economy that is not government controlled; is run by individuals and companies for profit.

a thing that motivates or encourages one to do something.

Part of economy that provides services from the state and/or government

Method of eliminating human intervention in operation of production

Economics that analyzes market behavior of individual consumers and firms.

The cost of the alternative choice. Benefits you could have received by taking an alternative action.

Which of these definitions of economics is best?

monetary value of finished goods/services produced within a country's borders in a time period

Economy in which all production, investment, prices, and incomes are determined by a government.

Process of investment funds and businesses to move globally, beyond domestic and national markets

system in which government protects the well-being of its citizens, especially those in need.

Economic decisions made only by interactions of a country's citizens and businesses. Government plays a limited role.

economic system that features characteristics of both capitalism and socialism.

the act or process of removing government restrictions and regulations over industries.

Total satisfaction for consuming a good or service

a ​law that ​controls the way that a ​business can ​operate i.e. minimum wage, child labor laws

Studying the overall economy through performance measurements like GDP and unemployment rate.