Scarcity
Economic
Concepts
Choices &
Decisions
Economic
Systems
Free
Enterprise
10
10
10
10
10
20
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30
30
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30
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40
40
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50
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50
Topic 1 – 10 Points
QUESTION:
•Something that you would like to have.
ANSWER:
•What is want?
Topic 1 – 20 Points
QUESTION:
•Something that is essential to survival.
ANSWER:
•What is a Need?
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
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?
Topic 1 – 50 Points
QUESTION:
•The Fundamental Economic Problem.
ANSWER:
•What is Scarcity?
Topic 2 – 10 Points
QUESTION:
•A useful tangible item. They can be durable and non
durable.
ANSWER:
•What is a good?
Topic 2 – 20 Points
QUESTION:
•Worked performed by someone for the consumer.
ANSWER:
•What is a service?
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?
Topic 2 – 40 Points
QUESTION:
•We rely on others and others rely on us to provide the
goods.
ANSWER:
•What is economic interdependence?
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?
Topic 3 – 10 Points
QUESTION:
•ALL the alternative Choices are also known as...
ANSWER:
•What are Trade-offs?
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?
Topic 3 – 30 Points
QUESTION:
• Calculate the opportunity cost from point B to point A.
100
A
B
75
0
ANSWER:
•What is 20?
20
40
Topic 3 – 40 Points
QUESTION:
•Explain point X.
• X
ANSWER:
• What is an unattainable point right now? Can be
reached in the future with new resources,
technology, or people.
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?
Topic 4 – 10 Points
QUESTION:
•The government makes all the decisions regarding the
economy.
ANSWER:
•What is a command economy?
Topic 4 – 20 Points
QUESTION:
•Economic choice is still available but there are some
government regulations.
ANSWER:
•What is a mixed economy?
Topic 4 – 30 Points
QUESTION:
•Consumers and producers are the guiding force.
ANSWER:
•What is a market economy?
Topic 4 – 40 Points
QUESTION:
•Communism uses this kind of economic system.
ANSWER:
•What is a command economy?
Topic 4 – 50 Points
QUESTION:
•Determine which economic system uses pure
unmodified free enterprise.
ANSWER:
•What is a market economy?
Topic 5 – 10 Points
QUESTION:
•Free Enterprise is often confused as meaning the same
thing as…
ANSWER:
•What is Capitalism?
Topic 5 – 20 Points
QUESTION:
•Citizens want them to be involved while businesses
want them to stop interfering.
ANSWER:
•What is government?
Topic 5 – 30 Points
QUESTION:
•Everyone benefits from this individual/groups role.
ANSWER:
•What is an entrepreneur?
Topic 5 – 40 Points
QUESTION:
•They hold sovereignty in a free enterprise.
ANSWER:
•Who are consumers?
Topic 5 – 50 Points
QUESTION:
•Buyers and sellers willingly exchange in market
transactions.
ANSWER:
•What is voluntary exchange?