Core Economics
The study of choosing what to make with minimal resources for a civilization with unlimited wants and needs.
Economics
What are the 3 main players in the "Circular Flow Chart"
Households
Businesses
Governments
The total worth of a nation's economy
Gross Domestic Product (GDP)
What direction does the supply curve go?
Up
What are the 4 types of economic systems?
Traditional
Command
Market
Mixed
What does PPC stand for
Production possibilities curve
What are the 2 economy types that typically combine to create the "mixed market economy?"
Free Market & Command Economies
Goods that are natural resources
Land
What direction does the Demand curve go?
Down
Singapore is very close to being which type of economic system?
Free Market Economy
Define scarcity
When the demand for a good or service is greater than the availability of the good or service
Studies economies as a whole; looks at the big picture
Macroeconomics
Resources that are all created by humans
Capital
What is the point where the demand and supply curves cross?
Equilibriaum
What type of economic system does N. Korea primarily use?
Command
What is opportunity cost?
The next best option foregone when an economic decision is made
Studies the economic behavior of individuals; typically it examines economics on a small scale
Microeconomics
The specialization and skills that people can use
Labor
What happens to the S&D chart do if there is a shortage?
There is a higher demand and lower supply. The supply curve shifts to the left.
U. S., China, Denmark, and Canada are considered what type of economic system?
Mixed Economy
What are the 3 basic economic questions?
What to produce
How to produce it
To whom will you produce
What are Externalities in economics?
a positive or negative outcome of a given economic activity that affects a third party that is not directly related to that activity.
The creator of a business who takes risks to manage a company and sell a specific good
Entrepreneurship
What happens to the S&D chart do if there is a surplus?
The demand goes down and the supply goes up. The demand curve shifts to the left.
Define Communism
Karl Marx's theory advocated all property should be publicly owned and each person should work and is paid according to their abilities and needs