Economic Systems
Economy based on customs and traditions
Traditional economy
The basic problem of limited resources
what is scarcity
Natural resources used to make goods
What is land?
this game accurately displays economy
what is Monopoly
Things you must have to survive
What are needs?
System where people trade goods/services without money
Barter System
the next best alternative you give up when making a choice
What is opportunity cost?
Human effort in production
What is labor?
Andrew Carnegie and Cornelius Vanderbilt were one of the first __________
Monopolies
Things you would like but can live without
What are wants?
Economy controlled by kings/lords (middle ages)
what is feudal economy
Scarcity leads to making these
what is choice?
Tools and machines used in production
What is capital?
He invented Standard Oil
J. D. Rockefeller
The study of how people use limited resources
What is economics?
Economy focused on trade and wealth accumulation (gold/silver)
What is mercantilism?
what forces people to do the best they can (theoretically)?
what is greed
Starting a business uses this factor
What is entrepreneurship?
the father of economics
who is adam smith
Three economic questions
What to produce, how to produce, for whom to produce
an economic system based on the private ownership of the means of production
what is capitalism
This is the driving force of the market
What is Invisble Hand?
Combining land, labor, and capital to create goods is done by this factor
What is entrepreneurship
Author of The Jungle
who is Upton Sinclair
Because resources are limited, people must make these
What are choices