Economic System
What are the three basic economic questions?
What to produce
How to produce
For whom to produce for
on the curve
This term describes the two main sectors in the simplest version of the circular flow model.
households and firms
Name the four factors of production
land,labor,capital, entrepreneurship
In the Marvel Cinematic Universe, what is the name of Thor’s hammer?
What is Mjolnir?
Customs, rituals, and traditions determine how they answer the economic questions in this economy
Traditional
What must happen for the PPC curve to shift outward
economic growth (increase in quantity or quality of resources)
In the circular flow model, households provide these to firms in exchange for income.
factors of production
This factor of production includes natural resources such as water, forests, and minerals.
What is land
What’s the term for a number system based on only 0s and 1s?
What is binary?
Give an example of a region of a world that operates in a traditional economy
Small portions of Africa, Asia, and Latin America
If an economy is producing inside the PPC curve, what does this indicater?
They are not using their resources efficiently
In the product market, this group purchases goods and services
households
This factor of production represents the human effort, both physical and mental, used in production.
What is labor?
Who was the first President of the United States to live in the White House?
Who is John Adams?
Government decides everything in this economic system
command economy
The PPC curve illustrates this basic economic problem, which arises because resources are limited while wants are unlimited.
scarcity
The payments households receive for providing land, labor, and capital are collectively called this
income
This factor of production involves the risk-taking and decision-making required to organize the other factors of production.
What is entrepreneurship?
What is the name of the first artificial satellite launched into space?
What is Sputnik?
This economic system prioritizes growth, freedom, and efficiency
Free market economy
A movement along the PPC from one point to another represents this economic trade-off.
What is opportunity cost?
Taxes paid by households and firms to the government are this type of flow
leakages
Machines, tools, and buildings used in the production process are examples of this factor of production.
What is capital?
What is the most common letter in the English alphabet?
What is "E"?