Economics Basics

Land used in production is considered?

Example is the USA, it is the most common

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

Which is the least scarce?

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

Adam Smith thought we should limit government because...

What did Adam Smith write?

What are factors of production?

What is a physical item, ex. clothing.

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

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

Things that motivate consumers to change their economic behaviors.

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

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

Why are skilled workers paid more?

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

Who are paid to produce goods and services?

Government has complete control.

What is something that you cannot live without?

What is given up when a choice is made?

Examples include North Korea and Cuba.

Who must deal with scarcity?

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

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

The using of resources

What are actions done for another?

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

Exists only in S.A and Africa

Government has little to no control