Economics: to decide or not to decide
Economic
Systems yo!
Systems yo!
Trading
Gains
Gains
Demand and there shall be Supply
Market
Jargon
Jargon
100
A basic characteristic of all economic systems
What is distribution of goods and services
100
Tribes in Africa practice this type of economic system.
What is traditional economy
100
An operating room nurse in a hospital is an example of what kind of trade.
What is a specialization
100
Purchasing another item in place of another.
What is a substitute good
100
China is one of the largest producers of this illegal market
What is the Black Market
200
Paying rent instead of purchasing concert tickets is an example of
What is an opportunity cost
200
Name the three basic economic questions
What are What, How, and Who to produce for
200
Someone who can produce a good or service at a lower opportunity cost than someone else.
What is comparative advantage
200
This graph is an example of
What is a demand curve shift
200
To prevent gas stations from price gouging, the government will set a maximum price amount.
What is a Price Ceiling
300
The 3 factors of production that equal goods and services
what are land, labor, and capital
300
A society's way of coordinating the production and consumption of goods and services
What is an Economic System
300
Someone who can produce a good or service using fewer resources than another person
What is absolute advantage
300
The price of an Ipad is determined by
What is supply and demand
300
Facebook is a type of this market structure.
What is a Monopoly
400
He took the risk to start and manage his own business
Who is Elon Musk
400
The United States conducts business in this kind of economic system
What is a free enterprise system
400
Wal-Mart relies on hundreds of other companies for goods to sell in its stores. This is an example of...
What is Economic Interdependence
400
The great toilet paper crisis of 2020 caused by excess demand created this
What is a shortage
400
A type of Market structure.
What is Monopolistic Competition
500
Unlimited wants that exceed limited resources
What is Scarcity
500
Karl Marx, who wrote the Communist Manifesto is most associated with this economic economy.
What is command economy
500
Trade makes countries __________ by moving goods to people who value them the most
What is wealthier
500
When the price drops, consumers purchase more. When the price increases, consumers by less.
What is the law of demand
500
This market structure is the perfect competition structure
Pure competition