Category 1 Category 2 Category 3 Category 4 Category 5
100
What is allocation?
The distribution for a particular purpose
100
What is an entrepreneur?
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
100
What is the potential loss from a missed opportunity?
The potential loss from a missed opportunity
100
What is Specialization?
The process wherein a company or individual decides to focus their labor on a specific type of production
100
What is a corporation?
a legal entity that is separate and distinct from its owners
200
What is barter?
The action or system of exchanging goods or services without using money
200
What are the factors of production?
Inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital
200
What is a producer?
Someone who creates and supplies goods or services
200
What is a trade-off?
The fact that budgeting inevitably involves sacrificing some of X to get more of Y
200
What is the Federal Reserve Bank?
The central bank of the United States
300
What is a consumer?
A person who purchases goods and services for personal use?
300
What are goods?
A commodity or service that is useful to man but that must be paid for
300
What is a resource?
A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively
300
What is value?
The worth of a good or service determined by people's preferences and the trade-offs they choose given their scarce resources
300
What is allocation?
The distribution for a particular purpose
400
What is credit?
The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future
400
What is human resource?
The knowledge, skill, training, and experience that individuals need to produce goods and services within their economy
400
What is scarcity?
The state of being in short supply
400
What is a sole proprietorship?
An unincorporated business owned and run by one individual with no distinction between the business and you, the owner
400
What is barter?
The action or system of exchanging goods or services without using money
500
What is economics?
The branch of knowledge concerned with the production, consumption, and transfer of wealth
500
What is money?
A commodity accepted by general consent as a medium of economic exchange
500
What is service?
An economic activity offered as a product
500
What is a partnership?
An arrangement between two or more people to oversee business operations and share its profits and liabilities
500
What is a consumer?
A person who purchases goods and services for personal use






Economic Project for Ms.Lewis

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