Feb. 9-13, 2015

Question 0

opportunity cost

Answer 0

the next-best choice available to someone who has picked between several equally good choices.

Question 1

Scarcity

Answer 1

having seemingly unlimited human needs and wants, in a world of limited resources.

Question 2

want

Answer 2

a desire, feel or have a desire for; to have need of

Question 3

resources

Answer 3

any physical or practical thing of limited availability or anything used to help one earn a living.

Question 4

human resources

Answer 4

the individuals (people) who comprise the workforce of an organization

Question 5

capital resources

Answer 5

resources used by people to produce and distribute goods and services, examples are tools, factories, office buildings, etc.

Question 6

money

Answer 6

The most common medium of exchange; functions as legal tender; anything that is generally accepted as payment for goods and services and repayment of debts

Question 7

entrepreneurs

Answer 7

someone who organizes a business venture and assumes the risk for it

Question 8

producers

Answer 8

in individual or organization that creates goods and services; someone who manufactures something

Question 9

salary

Answer 9

A fixed amount of money paid to a worker, usually measured on a monthly or annual basis, not hourly, as wages

Question 10

wages

Answer 10

compensation, usually financial, received by workers in exchange for their labor

Question 11

specialized

Answer 11

highly skilled in a specific field; developed or designed for special activity or function

Question 12

productivity

Answer 12

The rate at which goods or services are produced by a standard population of workers; the rate at which crops are grown on a standard area of land

Question 13

voluntary exchange

Answer 13

is the active buyers and sellers freely and willingly engaging in market transactions

Question 14

interdependence

Answer 14

The function of each part of the system is mutually dependent on the functioning of other part in the system as a whole

Question 15

market economy

Answer 15

economy in which goods and services are exchanged in a free market, as opposed to a state-controlled or socialist economy

Question 16

natural resources

Answer 16

the things we use that are provided in the natural environment; ie.; water, minerals, fuels, soil, and so on

Question 17

barter

Answer 17

the peaceful exchange, between individuals or communities, of a good or service in return for another good or service without monetary payments

Question 18

market

Answer 18

the world of commercial activity where goods and services are bought and sold; “without competition there would be no market”

Question 19

command economy

Answer 19

economic system in which the government owns the land, resources, and means of production and makes all economic decisions

Question 20

mixed economy

Answer 20

in economic system in which both the government and private enterprise play important roles with regard to production, consumption, investment, and sayings.