Vocabulary
Graphs
Types of economies
Globalization and trade
Potpurri
100
Equipment, tools, or factory space which makes us more productive
What is capital?
100
On this type of graph, opportunity cost, trade offs, and scarcity are shown
What is a production possibilities frontier?
100
A majority of the world's economies are . . .
What is mixed?
100
In America, this is the biggest cost of living in a globalized world?
What is job loss?
100

This is where you record your checking account transactions

What is a check register

200
When you make a decision you give this up ...
What is opportunity cost?
200

When demand decreases it shifts to the  . . .

What is the left?

200
The three economic questions a society must answer are . . .
What is produced? How is it produced? For whom are the goods produced for?
200
The definition of globalization is . . .
What is the world is becoming smaller and more connected leading to economic events affecting everyone who is connected?
200

Give an incentive that your parents could get you to clean your room

Many acceptable responses such as an allowance

300

These include land, labor, capital, and entrepreneurship.

What are resource or the factors of production?

300
Producing above an economy's PPF is only possible if . . .
What is more technology or resources are found?
300
Two major differences between a free enterprise and a socialist economy are .. .
What is ownership of resources, role of gov't, income distribution, controlling prices, ownership of private property, and having an economic plan?
300
Explain two benefits of globalization for the U.S.
Many answers include: cheaper goods, more trading, variety of items, peaceful relations, etc.
300
In which type of economic system does the gov't come up with an economic plan and owns a majority of resources?
What is a socialist economy
400

This is a financial payment by the government that shifts supply

What is a subsidy?

400
When an economy is producing below its PPF we would say that it is . . .
What is inefficient or not using all resources to their full potential?
400
In a free enterprise economy, economic incentives benefits individuals by . . .
What is causing them to produce more and often work harder?
400
What has caused the recent explosion of globalization across the world?
What is increased communications, technology for transport, and reduced barriers to trade.
400

This is the function of money that allows it to hold it values over time

What is a store of value?

500
This is defined as a good in which one person's use diminishes your ability to use that good
What is rival?
500

When supply for an item increases, price and quantity would . . .

What is the price would decrease and the quantity would increase?

500
This individual is the "father of free enterprise" and wrote about the invisible hand.
Who is Adam Smith?
500
Explain why Tiger Woods should stick to golf and pay someone else to mow his lawn using economic concepts?
What is many answers that address opp cost and comparative advantage?
500
This is the fundamental condition that causes people, nations, and the economies to make choices?
What is scarcity?
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