Behavior 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
The 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 (PPF) curve
Every type of economic systems has to answer these questions which include: ___, ____, and ____.
[You need to answer all three to earn points for this question.]
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 I'm sure remind you of daily.
Costs
A foundational component of economics where we have to be willing 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 _____ when is 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 sellers who are more successful than others.
Monopolistic Competition
There's always so many be it what you each for lunch or what items to purchase. Our task it 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 want 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 the conversation though not entirely.
Economics
Between physical items in an economy such as cars and the drivers who use them through various activities both are produced in an economy.
Goods/Services
These provide the finished goods and services in a circular flow model. The households then purchase goods and services from them to generate wealth in an economy.
Firms/Businesses
The "invisible hand" (which controls supply and demand) 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)
Just like in the board game the goal is the one business wanting to have control over the market often at the expense of consumers within it.
Monopoly
[Challenge Question]
We use these to encourage behavioral outcomes such as a teacher playing Jeopardy to prepare students form an upcoming test. These can be both positive and negative in their scope.
***THIS QUESTION IS A DAILY DOUBLE***
Incentives
Land, Labor, Capital and Entrepreneurship are used to produce goods and services in an economy and are called what ___________.
Factors of Production
If household or firms either cannot or are unwilling to perform their role, then this component steps in when looking at the Circular Flow Model.
Government
In the United States and most of the western world many countries have adopted this type of economic system.
Mixed Market (Capitalism)
These are two main tactics monopolies use to dominate the marketplace and curb competition. Yesterday's industry robber barons like Carnegie and Rockefeller are similar to today's Big Tech like Amazon and Facebook in this regard.
Horizontal/Vertical Integration