eQuizShow
Ryan Knox
Factors of Production
Question: The number of categories of economic resources.
Answer: What is Four?
Question: The type of economic resources that come naturally from the earth.
Answer: What are Land resources.
Question: Mark Cuban would be an example of this type of input.
Answer: What is an entrepreneur?
Question: These are the two type of capital resources.
Answer: What are physical and human capital?
Question: Labor resources receive what type of payments?
Answer: What are wages
Basic Economics
Question: Economist use this term to describe trying to use a limited amount of resources to meet unlimited wants.
Answer: What is scarcity?
Question: These are known as ALL the alternatives when making a decision.
Answer: What are trade-offs?
Question: Economist weigh these two things against one another when making a decision.
Answer: What are costs v. benefits?
Question: Economist refer to this as the number one alternative when making a choice.
Answer: What is opportunity cost?
Question: When it comes to utilizing economic resources, this is the term used to describe the goal of obtaining the most production with the available resources.
Answer: What is economic efficiency?
Production Possibilities Graph
Question: The PPC shows alternative uses for these.
Answer: What are resources?
Question: This is the line representing maximum output with available resources.
Answer: What is a frontier?
Question: A production combination illustrated by a point on the inside of the curve is know as this.
Answer: What is a point of underutilization (or inefficiency)?
Question: These two things will cause the PPC to expand outward.
Answer: What are new resources and technology?
Question: A curve that has a concave shape illustrates the fact that the resources used to produce the two products are considered to be this.
Answer: What is unsuitable (or NOT interchangeable)?
Economic Systems
Question: This is the number of questions every economic system must answer.
Answer: What is 5?
Question: In addition to the questions, What should be produced? and How should we produce it?, this is another question all economic systems must address.
Answer: What is, "Who gets to consume it?"
Question: These two main economic systems are at opposite ends of the spectrum when dealing with how to answer the pertinent questions regarding resource distribution.
Answer: What are market and command (centrally planned) economies?
Question: The Indigenous peoples of the Andes Mountains in South America typically participate in this type of economic system.
Answer: What is traditional?
Question: These are two examples of a centrally planned economy.
Answer: What are socialism and communism? (or give countries)
The American Free Enterprise System
Question: The American Free Enterprise System is based on this particular type of economic system.
Answer: What is the market system?
Question: Of the top three goals of the American Free Enterprise System, including economic efficiency and economic growth, this is the number one goal...it is essentially synonymous with America!
Answer: What is economic freedom?
Question: Although it's not necessarily a game, the "struggle" among sellers to attract consumers by offering the best products at the lowest prices is known as this.
Answer: What is competition?
Question: This is a what drives sellers to produce the next best thing and is largely responsible for helping the economy evolve and grow.
Answer: What is the profit motive?
Question: In regards to the rich and the poor, this is considered a major disadvantage of the American Free Enterprise System and it continues to grow today.
Answer: What is the income gap?