PRINCIPLES
TYPES OF ECONOMIES
GOALS AND FEATURES OF U.S. ECONOMY
VOCABULARY
MISC.
100
When all the outputs of specific, unchanging inputs, are charted along a curve
What is the Productions Possibility Curve
100
This economy is one where occupations are passed down through generations.
What is Traditional?
100
This feature ensures that actors in the U.S. economy make decisions based on their own desires, and not the desires of others.
What is self-interest?
100
The cost of the next best option, not always measured in dollar values.
What is opportunity cost?
100
1986 chevy nova with a CD-Boombox in the back seat that would always skip when going over a bump.
What is Mr. LiVecchi's first car?
200
Increased productivity because workers gain experience.
What is specialization?
200
This economy blends mostly free market principles with some limited government regulation.
What is a Free Enterprise or Capitalist economy?
200
This goal of the U.S. economy attempts to create choice for all actors.
What is freedom?
200
When a producer needs to rely on another producer to create his product. Or when an economy relies on another economy to do the same.
What is interdependency?
200
Limited resources coupled with unlimited wants creates this situation.
What is scarcity?
300
Money, Barter, and Credit are forms of this.
What is exchange?
300
This economy allows all goods to be sold and produced by individuals and allows zero government regulation.
What is a market economy?
300
This feature of the U.S. economy allows for some regulation by state and local institutions.
What is limited government?
300
This model explains how goods and services move through all the actors in an economic system.
What is the circular flow model?
300
What to produce? How to produce? and Who to produce for?
What are the 3 basic economic question?
400
When an industry receives the materials it needs from within its own region or country.
What is self-sufficiency?
400
In reality, all economies today are this.
What is a mixed economy?
400
This feature of the U.S. economy is what allows consumers to consume.
What is ability to own private property?
400
The economic system where government owns some of the factor of production.
What is socialism or democratic socialism?
400
Pour in milk, add chocolate syrup, and press on the cow's tail to enjoy a frothy beverage.
What are the instructions for using a moo mixer?
500
Technology will not change, and resources will stay the same over a certain period of time.
What are the assumptions of the Production Possibility Curve?
500
This economy blends strong central government control with extremely limited options regarding personal choice.
What is communism or authoritarian socialism?
500
This goal of the U.S. economy states that all resources will be used to maximize production and minimize waste.
What is efficiency?
500
Natural, human, capital, and entrepreneurship are all examples of this.
What is a factor of production?
500
The study of how people make decisions when faced with the implications from scarcity.
What is economics?
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