It's All Economics To Me!
PPC
Economic Systems
Factors of Production
Economic Philosophers
Circular Flow Model
100
Something that people enjoy having but do not require to live.
What is want?
100
Name this type of model:
What is Production Possibility Curve or PPC?
100
This is the way in which a society uses its scarce resources to satisfy its people’s unlimited wants.
What is an economic system?
100
This is the physical power or effort performed to create a good or service.
What is labor?
100
He is known as the "Father of Capitalism".
Who was Adam Smith?
100
This is a visual representation showing how the market economy works.
What is the Circular Flow Model?
200
Food, air, water, & shelter are each an example of this.
What is need?
200
Name the shape of this model:
What is concave?
200
Family is one focus around this economic system with little to no technology used.
What is a traditional system?
200
This is the person who uses land, labor, & capital to create new goods & services.
Who is an entrepreneur?
200
He came up with the "invisible hand" theory where competition & self interests "magically" regulates the free market.
Who was Adam Smith?
200
These are the two key economic decisions of this model.
What are households & firms (businesses)?
300
This is the study of how scarce resources are used to satisfy the needs & wants by making choices.
What is economics?
300
Name the shape of this model:
What is alinear?
300
An economic system with no government intervention is called this.
What is a market economy?
300
Water that is used to power a flour mill would be an example of this factor of production.
What is land?
300
He was a big advocate for more government intervention when our economy is in a DEEP recession, known as Keynesian Economics
Who was John Maynard Keynes?
300
These are the two markets of this model?
What are product & factor?
400
This is the study of the behavior & decision-making in a nation’s whole economy.
What is a macroeconomics?
400
This is the status of economy in points B, C, & D of this model:
What is efficient?
400
This is the kind of economic system that US currently is using.
What is a mixed economy?
400
When Ford creates their vehicles, the factory that they assemble the frames in is an example of this kind of factor of production.
What is physical capital?
400
He came up with the Theory of Money which argued that too much government intervention would eventually cause a depression.
Who was Friedrich Hayek?
400
This is the flow of money from the household to the product market (blue line).
What is consumer spending?
500
This is the study of economic behavior & decision-making in small units.
What is Microeconomics?
500
This is the status of economy in point A:
of this model:
What is the inefficient?
500
In this economic system, the government answers all three economic questions.
What is a command economy?
500
The thoughts, ideas, & experience that go into creating a product is known as this.
What is human capital?
500
He came up with the Chicago School of Economics which stressed less government invervention & prices will set themselves based on supply & demand.
Who was Milton Friendman?
500
This is the flow of resources & products from the household to the factor market (red line).
What is selling resources (labor)?