Econ Systems
Econ Princpals
Key Terms
Supply & Demand
Market Structure's
Graph
Interpt.
Interpt.
100
Traditional economies answer the economic questions of what to produce, how to produce it, and for whom by relying on these.
What is custom and tradition?
100
People respond to these in predictable manners.
Incentives
100
This economic system is often times confused as a system of government…
Communism
100
Supply is from the perspective of whom.
What is the supplier/producer ?
100
What is the abbreviation to analyze the market structures of any industry/
N , S , E , C
100
What is equilibrium
200
The single largest economic system today.
What is Mixed Market Economy?
200
Because we have unlimited wants and desires and limited resources we are forced to make .
What are trade-offs?
200
This term can be described as anything that can be used physically monetarily, or laboriously to help a business.
What is capital?
200
This factor can change market demand by changing the amount of money consumers make.
What is income?
200
In this market structure the top 4 producers control the industry and have some price control
What is an oligopoly
200
A surplus will drive the price _____ by _____
Down by sales
300
Command economies answer the economic questions of what to produce, how to produce it, and for whom by relying on this group of people.
What are the decisions of a powerful rule or central government?
300
When we make a decision, our next best choice is represented best as.
What is opportunity cost?
300
This term describes political philosophy and movement encompassing a wide range of economic and social systems which are characterized by social ownership of the means of production, as opposed to private ownership.
What is socialism?
300
Tariffs, sin tax’s, and subsidies are all examples of this shifter.
What is government intervention
300
A farmers market is an example of this market structure
Perfect Competition
300
What is an example of a price ceiling?
Rent Control / Pay Scales / Insurance Out of Pockets
400
Market economies answer the economic questions of what to produce, how to produce it, and for whom by relying on this group of people
What are producers and consumers?
400
Stonestown, Amazon, a Farmers Market all describe which economic principal
What is markets coordinate trade?
400
The mysterious force that coordinated markets was termed this by economist Adam Smith.
What is “the invisible hand?”
400
Supply may increase or decrease due to this change in the amount of money a supplier has to spend to make their product.
What is cost of inputs?
400
In a monopolistic competition companies vie (fight) for business (customers) through
different-ion
400
What is happening to the equilibrium price and quantity in the image?
Price and quantity increases
500
Of the six economic goals discussed in the textbook, market economies are the best at achieving these two.
What is economic efficiency and economic freedom?
500
This image best describes what.
What is the law of diminishing returns/utlilization?
500
Who is the author of the Communist Manifesto
Who is Karl Marx
500
This demand shifter moves the market demand by changing the price of goods consumers use in place of another good.
Price of Subsititute Goods
500
What are the 3 types of government monopolies?
What is - patents & copy right, licenses, and franchising(outsourcing)
500
What is shifting in this visual?
Supply is decreasing and quantity