Review (Civics) | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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It is an economic system in which the ownership of factors is in the hands of a private group or individuals.

Capitalism

It is a social science concerned with the production, distribution, and consumption of goods and services.

Economics

It refers to the value of alternative given up to obtain another item.

Opportunity Cost

Enumerate the 3 scarce resources.

natural, human, and physical resources

It is an economic system in which the government decides in addressing the economic problems.

Command Economy

Differentiate consumer products and consumer services.

personal and household needs vs. rendered by the different business firms

Differentiate needs and wants.

essential (may remain constant over time) vs. desire (may change overtime)

what are the two types of goods?

Economic and Free Goods

Enumerate the three human needs that the government should address.

Material things, Freedom, Dignity

what are the two types of Economics?

Microeconomics and Macro Economics

A wise consumer is watchful and mindful.

Alert

Economists used _______ to explain the present condition of the economy.

statistical data

He discussed the effects of rapid increase population will cause famine.

Thomas Robert Malthus

Differentiate individual choice and social choice.

people acting separately vs. government

Differentiate chemistry and physics.

composition of chemical vs. matter and energy (technology)

He is the proponent of Law of Comparative Advantage.

David Ricardo

It is the condition where the resources are limited.

Scarcity

Differentiate allocation and economic system.

distribution vs. activities that answer the basic questions on the needs

Differentiate ethics and psychology.

morals vs. mind

A wise consumer is not affected in the product endorsed by a celebrity.

How old is Teacher JM?

23

He is the proponent of Laissez Faire.

Adam Smith