What is Economics?
a fundamental problem in every society
Scarcity
Economic and political system in which factors of production are owned and directed by the state
Communism
mechanism through which buyers and sellers of an economic product or service come together
market
This team has never missed a World Cup qualification, and currently has more World Cup wins than any other country with 5.
Brazil
This group has sold more records than any other group or artist ever.
The Beatles
production possibilities curve
system that has some combination of traditional, command, and market economies
mixed economy
someone who organizes and manages land, capital, and labor to make a profit
entrepreneur
This player was the first to be drafted number one overall without playing college or high school basketball in the US
Yao Ming
This film was nominated for 11 Academy Awards winning all 11, making it one of three movies to ever win 11.
Lord of the Rings, Return of the King
Explains how people deal with scarcity
system in which the government owns and controls some factors of production
Socialism
Rise in the general level of a price
inflation
This Hall of Fame baseball player was selected number one overall in the 1987 draft, was the first person to be elected to the Hall of Fame with over 99% of the vote, and has 13 All-Star appearances, 10 Gold Gloves, 7 Silver Sluggers, and an MVP in 1997
Ken Griffey Jr
This artist was inducted into the Hollywood Walk of Fame in 1980 for his group work, and 1984 for his solo work. They have 13 Grammy's, 26 American Music Awards, 13 number one singles, with over 350 million albums sold worldwide making them one of the most successful artists of all-time. They have been inducted into the Rock and Roll Hall of Fame (twice), Vocal Group Hall of Fame, Songwriters Hall of Fame, and the Dance Hall of Fame.
Michael Jackson
Evaluate the costs and benefits of each choice to decide which meets your criteria
Trade-off
Forced common ownership of factors of production
collectivization
Capitalism + Free Markets =
Free Enterprise
This person is the only NFL player to win the Heisman, National Championship, Super Bowl, and NFL MVP award.
Marcus Allen
This man was nominated for 7 Best Actor Academy Awards including 2 wins for On the Waterfront and The Godfather.
Marlon Brando
The monetary value of all final goods, services, and structures produced within a country's national borders during a one year period
Gross Domestic Product (GDP)
Believed the workers would be the beneficiaries of socialism
Karl Marx
struggle among sellers to attract customers
competition
This athlete is a three time WNBA MVP, has one three Olympic gold medals, and is one of three women to win an Olympic gold medal, NCAA championship, and WNBA title. She is a member of the Women's Basketball Hall of Fame and the Naismith Memorial Hall of Fame.
Sheryl Swoopes
This actress has been nominated for 20 Academy Awards, more than any other actor, and is currently only one of six people to win three.
Meryl Streep