Economic Systems
Production Possibilities Curve
Mixed Economies and Economic Goals
Intro To Economics
100
What are some pros and cons of a traditional economy?
Pro- everyone knows what role they play high economic stability.
Con-slow economic growth as new ways of doing things are discouraged.
100
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What does point x represent here.
inefficiency
100
In a mixed economic system who answers the what to produce, how to produce and whom to produce it for questions?
A combination of consumers, govt. and ancient customs.
100
Why is scarcity a problem facing everyone and all countries?
People have unlimited wants and needs but not unlimited resources.
200
In a command economy why are goods generally not as well made as a market economy?
Little competition so little incentive to make a quality good.
200
What are the factors of production that go into a production possibilities curve?
land labor capital
200
How does the govt. try to help economic security for poorer Americans in our economy?
minimum wage laws, unemployment assistance,
200
When can water be a want or a need?
Need- to drink bathe,
Want- swimming pool,
300
What can be the major problems with a complete market economy?
Doesn't provide for people to old or young to support themselves. With so much competition there can be little job security.
300
What is something that could cause a production possibilities curve to shift inward or outward?
Inward strikes, technology breakdown
Outward- new technology, smarter workforce.
300
What goal is the U.S. trying to achieve by putting tariffs on other countries goods?
Economic security you could say so domestic manufacturers don't lay off people.
300
What is the difference between a good and a service?
Good tangible can touch, service work performed for someone else. Both can be expressed in dollars and cents.
400
Who answers the the major economic questions in a traditional, command, and market economy?
Traditional- customs ancestors
Command- govt.
Market- People
400
If you decide to go out to play a sport like football what could a possible opportunity cost be?
Opportunity cost is the next best alternative so maybe getting a job.
400
Who plays the largest role about what to produce in America?
Consumers
500
What goals are most important to a market economy?
Economic freedom and efficiency
500
What is the opportunity cost from going to point A to Point B
2000 bicycles
500
If the govt extended health care programs like Medicare and Medicaid to everyone what would be some pros and cons of this ?
Answers may vary