Vocab
The value of the next best option that is forgone.
What is Opportunity Cost?
The social science that uses scientific methods to build theories that can help explain how people use scarce resources.
What is Economics?
The system used in most of the world, including Europe and Japan
What is a free market economy?
He is know for saying: "The cost of becoming a teacher is that I wouldn’t get to meet the likes of you!"
Who is Mr. Blandin?
The process of comparing the estimated costs and benefits associated with a decision to determine whether it makes sense for businesses.
What is Cost/Benefit Analysis?
Government payments, price reductions or discounts, and rebates.
What are Incentives?
The system used by Eskimos and pilgrims.
What is a traditional economy?
The favorite "entrepreneur" of Mr. Blandin.
Who is Steve Bezos?
The demand for a good is greater than its supply.
What is Scarcity?
Land, Labor, Capital, and Entrepreneurship
What are the Factors of Production?
The system used in communist countries, such as, the former Soviet Union and China.
What is a controlled economy?
[DOUBLE JEOPARDY]
It is one of the most notable 3-volume novels by Aleksandr Solzhenitsyn covering life in Soviet labor camps.
What is "The Gulag Archipelago" or "Acrchigaelgo"?
A Latin phrase used for determining relationships between objects while assuming that nothing else changed meaning "all things being equal".
What is "ceteris paribus"?
The measurement of the maximum output of two goods using a fixed amount of input.
What is a Production Possibilities Curve?
It limited the freedom of people regarding their interests.
What is the main reason communism failed?
Adam Smith introduced this concept for free markets in 1759.
What is the invisible hand?
Examines the effects of additions and subtractions from a current situation
What is Marginal analysis?
An economic principle that describes how opportunity costs increase as resources are applied.
What is the Law of Increasing Opportunity Cost?
[DOUBLE JEOPARDY]
A Traditional Economic tribe separated from society in the Indian Ocean.
Who are the Sentinelese?
[TRIPLE JEOPARDY]
The two examples used on the first Production Possiblities Curve
What are guns and butter?