economics

Question 1

Economics

Answer 1

study of human behavior on how it relates to wants and needs with limited resources

Question 2

micro-economics

Answer 2

study of individuals and businesses as it relates to the market place

Question 3

macro-economics

Answer 3

the study of governments as it relates to spending money

Question 4

Consumers

Answer 4

people that buy a product or service

Question 5

producers

Answer 5

people that provide a product or service

Question 6

Scarcity

Answer 6

something that is in short supply

Question 7

opportunity cost

Answer 7

next best option that you are giving up, once you make a decision

Question 8

cost-benefit analysis

Answer 8

list of pros and cons you make before a decision is reached

Question 9

Entrepreneurs

Answer 9

people who take risks and starts their own business

Question 10

incentives

Answer 10

benefits given to consumers to act in a certain way (buy their products)

Question 11

traditional economy

Answer 11

people trading with each other (bartering) seeds,spices, animal pends etc. examples: native americans, silk road

Question 12

command economy

Answer 12

govt has total control over the economy. examples: cuba, north korea, soviet union.

Question 13

market economy

Answer 13

no govt intervention in re economy. no regulations examples: rockefeller, vanderbilt, and morgen

Question 14

mixed economy

Answer 14

some govt regulation, some freedoms, examples: u.s present day, europe