Systems
This type of economy involves aspects of free market and command economies.
Mixed.
The difference between microeconomics and macroeconomics.
Microecon = individual and business decisions.
Macroecon = national or global decisions.
This factor of production consists of all natural resources.
Land.
This is one of the 3 questions an economic system must answer.
What will be produced? How will it be produced? How will the goods be distributed?
This defines scarcity and where it came from.
The fact that resources are finite.
Came from everyone's unlimited wants and limited desires. Also from the sin committed by Adam and Eve.
This factor of production refers to the effort someone put into production.
Labor.
Name 2 economic goals.
Economic efficiency, security, growth, freedom, equity, stability.
Describe marginal benefit and marginal cost using an example.
Matt Dawson's finger.
This factor of production refers to either skills or physical tools used to produce.
Capital.
This type of economy divides labor among gender lines, is often found among hunter-gatherers, and is more interested in security and stability than growth.
Traditional economy.
An example of a tradeoff a country makes when trading.
Saudi Arabia producing oil instead of clothes.
Elon Musk. Jeff Bezos. Bill Gates. Etc.
Give one example of a Command economy from the past and one that exists now.
Past: Soviet Union
Present: North Korea, China, Vietnam, etc.
This thinker created the idea of the 'invisible hand' that says people do not need a government to regulate economy activity.
Adam Smith.
This is the difference between physical and human capital.
Physical - machines used for producing goods or services.
Human - skills used for producing goods or services.