Econ Systems
what is the term for the way society decides how to use resources and produce and distribute goods and services?
economic systems
When a company mixes both government control and free markets, what is the blend of the economy name?
Mixed Economy
Prices are driven by two opposing forces- how much of a product is available, and how buyers want it
Supply and Demand
What is free market economy?
Businesses and consumers make economic decisions.
whats the number 1 song on billboard hot 100
patient zero-taylor swift
what are 4 factors of productions listed in the notes?
land, labor, capital, and entrepreneurship
What is the most infamous example of a Command economy?
North Korea
In this type of market, consumers are free to buy goods and businesses are free to sell them with minimal interference from this entity.
Government
Who decides what to produce?
Businesses.
how many people can for on a whales tongue
40-50
in which economic system does the government make all major economic decisions?
Command Econ
Monopoly
Rivalry between businesses selling similar products that usually helps keep prices low and quality high for shoppers.
Competition
What is competition?
Businesses competing for customers.
what English scientist came up with the word for cell
Robert Hooke
what model shows how resources, goods, and services move between households and businesses?
Circular Flow
If there is only a small amount of product, what is the system of preserving as much as you can called?
Rationing
The goal or reward that motivates business owners and entrepreneur to take a risk and sell goods.
Profit
Name two advantages
Freedom and choice.
in the Odessey what's the name of the monster who blocks odysseuss path through the whirlpool
Scylla
What concept describes the idea that individuals pursuing their own interests through market activity can unintentionally create benefits for society?
invisible hand
Instead of letting people choose, command economies often provide their citizens...
Jobs (or careers)
Two word economic principle asserts that consumers ultimately dictate what goods services are produced in a free market through their purchasing decisions
Consumer sovereignty
How does competition help?
It lowers prices and improves quality.
This 17th-century English epic poem aints to "Justify the ways of God to men" through the tale of the Fall of Man
Paradise Lost