Fundamentals
Factors of Production
Opportunity Costs
Fundamentals Pt. 2
Economic Systems
Unit 1 Graphs
100
What is ECONOMICS?
The study of choices due to scarcity.
100
What is PRODUCTIVITY?
This measure of efficiency shows the number of outputs per unit of input.
100
The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.
OPPORTUNITY COST
100
A synonym for "additional" in economic terms for each unit is...
MARGINAL
100
An example country of a Socialist Command economic system would be...
China / Korea / Cuba
100
Draw a picture of an economic cycle
200
What is SCARCITY?
When Limited Resources Meet Unlimited Wants and Needs
200
Two types of capital are?
Physical and human
200
ALL the alternatives that we give up when making a choice in trading is called...
TRADE-OFFS
200
Name each theorist for Absolute and Comparative advantage trade theories.
A: Adam Smith
C: David Ricardo
200
Identify 2 characteristics of a 'Capitalist Economy' (e.g. USA, Canada, Germany)
-Ownership of private property
-Use of market pricing, competition, supply and demand
-Varying degrees of government control (democratic parties)
-Self-interest as the motive to work
200
When GDP and inflation are high on The Business Cycle.
PEAK
300
"A characteristic of an efficient market where the optimal distribution of goods in an economy meets the needs and wants of society"; this is what type of efficiency?
Allocative efficiency
300
Water, sunlight, plants, animals are all examples of what?
What are natural resources/land
300
When businesses spend money on themselves to increase productivity
INVESTMENT
300
The fundamental challenge of not being able to satisfy unlimited wants and needs with limited resources in an economy is called what?
an economic problem
300
An economy with NO government regulation is known as
PURE/FREE/Black MARKET ECONOMY?
300
What is 3-5% unemployment?
Full Employment is defined as this.
400
List 5 Economic criteria used to evaluate
Unemployment, living standards, economic efficiency, economic growth and sustainability, distribution of income and wealth, inflation
400
This factor of production combines the other factors of production, Land, Labor & Capital to make a profit is..
ENTREPRENEURSHIP
400
The cost added by producing one additional unit (increment) of a product or service.
MARGINAL COST
400
List the worlds top 5 exportors (in order).
China, USA, Germany, Japan, UK
400
The idea is that individuals acting in their own self-interest will regulate the economy.
INVISIBLE HAND
400
Identify all points on the graph
A- Frontier (efficint)
B- unattainable
C - inefficient
500
Define Globalisation
the process of interaction and integration among people, companies, and governments worldwide.
500
Creekview is firing teachers and replacing them with robots (Machines.) Creekside is replacing ____ with ______.
LABOR & CAPITAL
500
Who has a comparative advantage for bread?
China (Bread = 20) & (Water = 43)
Australia (Bread = 8) & (Water =10)
China = 2.15
AUS = 1.25 (has competitive advantage)
500
Name the 5 market structures in an economy
perfect competition, monopolistic competition, oligopoly, duopoly and monopoly
500
Draw a Circular Flow Model, with injections and leakages
500
What is the Production Possibilities Curve?
This graph illustrates scarcity, efficiency, trade-offs, and opportunity cost.