🏆 Playmakers – Factors of Economic Growth
Just like a team needs skilled players, countries need this “player” for growth.
What is human capital
Why do countries trade, just like teams trading players?
What is to get what they don’t have / can’t produce
This trade barrier is like a penalty fee on imported goods.
What is tariff
This system runs on customs and traditions, like teams that never change their playbook.
What is traditional economy
Name the three economic questions all teams (economies) must answer.
What are What to produce? How to produce? For whom to produce?
Machines and factories are like a team’s training equipment. What are they called?
What are capital goods
When a country focuses on what it does best, it’s like an athlete sticking to their best position. What is this called?
What is specialization
This trade barrier is like a roster limit—only so many imports can “make the team.”
What is quota
This economy has the government as the “head coach,” calling every play.
What is command economy
In a market economy, the fans (consumers) decide this big question: “Who gets the ball?”
What is For whom to produce?
This “star player” takes risks and creates new businesses, driving the economy forward.
Who are entrepreneurs
Currency exchange in global trade is like this in sports when teams play in different stadiums.
What is foreign exchange / money exchange system
This is like banning a rival team completely from the league.
What is embargo
This economy is like a pickup game—players decide the rules themselves.
What is market economy
In a command economy, this “coach” decides all three economic questions.
Who is the government
A team with plenty of resources like water, timber, and minerals has this advantage.
What are natural resources
One benefit of specialization is like a player practicing free throws every day. What is it?
What is better efficiency and skill
Why might a country use trade barriers, just like a coach limiting who plays?
What is to protect domestic industries, safety, or politics
In which system are goods produced based on traditions (like always running the same plays)?
What is traditional economy
Give an example of a country with a mostly market economy.
What is the United States or Australia
Improving technology in an economy is like adding a new playbook—it does what?
What is increases productivity and growth
Relying too much on global trade is like depending on one star athlete—what’s the risk?
What is vulnerability if that trade/athlete fails
Compare a tariff to a quota—like comparing a foul to a substitution limit.
What is tariff = tax, quota = limit on quantity
A mixed economy is like a team with both a coach and player freedom. Explain.
What is a blend of market and government control
Give an example of a country with a mostly command economy.
What is North Korea or China