Economics 1
General well-being of individuals & societies / outlining positives & negatives of life is
Quality of Life
Having a product no one wants, but a producer has lots of shows what?
High Supply, Low Demand
What are the 4 factors of production?
Land, Labor, Capital, Entrepreneurship
Something that you can buy is referred to as a...
Good
Gentleman who developed the ideas of socialism is...
Karl Marx
What're the 4 types of Economic Systems?
Traditional, Planned, Mixed, and Free Market
Having a product everyone wants to buy, but only having a limited supply shows what?
Low Supply, High Demand
What are the 3 Questions that an economy must answer?
What is being made? Who is it made for? How is it being made?
Something you pay someone else to do is a...
Service
Someone who wants to run a business, oversee the factors of production, but also be responsible to the environment and consumers would prefer a
Mixed Market
Describes the relationship between infinite needs and wants vs finite amounts of resources
Scarcity
The person responsible for developing the theories behind capitalism is
Adam Smith
In a planned economy, what type of corporations are more likely to be found?
Crown or Publicly Owned Corporations
What are the 4 industries
Primary, secondary, Tertiary, quatrinary
The further left you are on the economic spectrum the closer you are to
Socialism/Planned Economy
In economics, rivalry among producers to sell products to consumers is known as
Competition
Considers the father of Mixed Economy (due to Great Depression)
John Maynard Keynes
In order, provide the Factors of Production of the following: Drill, Oil Rig Tech, Oil, President/CEO
Capital, Labour, Land, Entrepreneurship
A economy that values equality would typically fall where on the economic spectrum?
Left
Give 3 weaknesses of a planned economy:
Lack of innovation, lack of choice and personal freedom, and lack of hard work/motivation/incentives
Resources and processes involving the development, distribution and consumption of goods and services.
Economics
The 'Quality of Life Arm Wrestle' shows the balance between responsibilities and rights. Together they contribute to...
The Public Good
Give 3 weakness of a true Free Market
Lack of control/planning, lack of protection for the consumer and the environment, potentially harmful products being produced, ignores the poor or disaffected
Regulations that protect the consumer and the environment, access to social programs for those who need it, while allowing room for competition describe which economic system?
Mixed Market
What is one of the primary values a country with a Mixed Market has?
Cooperation