market economy
what are the 6 characteristics of market economy
specialization, competition, incentives, consumer sovereignty, voluntary exchange, and private property rights
what is an incentive?
encouraging you to have certain behavior.
what is a good or service?
a business and the things they sell.
what are the three kinds of resources?
natural, human, and capital.
who is the biggest bot in the world?
Henry, OBVI.
what is it called when a business is making more money?
profit.
what is an example of a positive incentive?
a raise or a bonus.
what is an example of a private service?
A maid or a butler, etc.
what is an example of a natural resource?
a tree or water, etc.
what is my favorite video game?
rocket league.
what is an example of competition?
McDonalds vs burger king or kroger vs mejer, etc.
what is a negative incentive?
a fee or a fine.
what is an example of a public service?
Lifeguard, police, firefighters, etc.
what are capital resources.
tools or something that supports a good or service.
what is my birthdate?
2-22-11
what are private property rights?
a house or an old man's lawn, etc.
Is getting a coupon a negative or a positive incentive?
positive
what is an example of a private good?
a house, jet, etc.
what is an example of a human resource.
planes, bikes, bridges, etc.
what is my shoe size?
4.0
what does division of labor and specialization equal when you put them together.
increased productivity.
is getting a $100,000 raise a positive or negative incentive?
positive
what is an example of a public good?
library books, public bathrooms, water fountains, etc.
what is an example of a capital resource.
a flashlight, wrench, money, etc.
what is my favorite Pokémon?
gengar