Fundamentals
The reality is there's never enough of anything and this is a driving force in our decision making.
Scarcity
The bottom line is you need to have them and they include food, water, and shelter...at least for survival.
Needs
This model oddly enough compares the relationship of guns and butter when looking at a nation's opportunity costs with production.
***THIS QUESTION IS A DAILY DOUBLE***
Production Possibilities Frontier curve
Every type of economic system has to answer these questions and they include:____, ____, and ____.
What?, How?, and For whom?
Though often hard to obtain, it's a desirable market because all goods and services are equal to each other and consumers have the greatest number of choices.
Perfect Competition
Everything has them, just as your parents because I'm sure they remind you of this daily.
Costs
A foundational component of economics where we have to willing have to accept one outcome over the other when given a series of choices. Tradeoffs are what help in determining these choices.
***THIS QUESTION IS A DAILY DOUBLE***
Opportunity Costs
Any point on the PPF curve is considered ______ which means it can be produced by a country's economy.
Attainable
In this system all have a role and have had it that way for quite some time, perhaps generations and centuries.
Traditional
In this type of market, advertising is often the distinction between those buyers who are more successful than others.
Monopolistic Competition
There's always so many be it what to eat for lunch or what items to purchase. Our task is to think through these rationally before deciding.
Choice(s)
Though we may desire these things we have to ask ourselves are they really all that necessary? Just think of the latest and greatest or what you kids deem as being "trendy".
Wants
In this model households provide the factors of production to produce goods and services. Name the model here.
Circular Flow Model
A system where a central authority, usually government dictates economic activity. Some examples include Communism and Socialism.
Command
A type of market that's hard to enter and even more difficult to adjust prices because the few businesses who have influence what to keep it that way.
***THIS QUESTION IS A DAILY DOUBLE***
Oligopoly
It's the field of study concerned with our choices amidst the limitations that may exist, and yes money too is part of this conversation.
Economics
Between physical items in an economy such as cars and the drivers who use them through various activities both are produced in any economy.
Goods/Services
These provide the finished goods and services in a circular flow model which in turn households purchase to generate wealth in an economy.
Firms/Businesses
The "invisible hand" was said to be the primary force in this economy. Adam Smith wrote about it is his Wealth of Nations.
***THIS QUESTION IS A DAILY DOUBLE***
Market (Capitalism)
Monopoly
We use these to encourage behavioral outcomes such as a teacher playing Jeopardy to prepare students for an upcoming test. These can be both positive and negative in their scope.
***THIS QUESTION IS A DAILY DOUBLE***
Incentives
Land, Labor, Production, and Capital both physical and human are used to produce goods and services in an economy. We call these_________.
Factors of Production
If households or firms either cannot or are unwilling to do their role, then this component steps in when looking at the Circular Flow Model.
Government
In the United States and largely western world most countries have adopted this type of economic system.
Mixed Market (Capitalism)
This is how monopolies dominate the marketplace and curb competition, Carnegie did so with US Steel and Rockefeller with US Standard Oil. By today's standards we see this with Amazon and Facebook in tech.
Horizontal & Vertical Integration