Capitalism
This Father of Capitalism wrote The Wealth of Nations in 1776
Who is Adam Smith?
PPC or PPF stands for this.
What is: A Production Possibilities Curve Or Production Possibilities Frontier?
Define Free Market Capitalism.
These are the four types of economic systems.
This Father of Communism wrote The Communist Manifesto in 1848.
Who is Karl Marx?
This Father of Communism wrote The Communist Manifesto in 1848.
Who is Karl Marx?
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
Define a public good.
What is a good or service that is provided by the government, and consumed by the public?
The two types of externalities (a side effect of a transaction), are called these.
What are positive and negative externalities?
In Marxist theory, these are the two groups opposed to one another in a Capitalist society.
Who are the Proletariat and the Bourgeoisie?
These are the two main takeaways from Adam Smith theory on Capitalism.
What is The Invisible Hand and Laissez Faire?
These are the three types of capital.
What are physical, human, and financial?
Define consumer sovereignty.
What is the idea that consumers have the control over what is produced since they are free to buy what they want?
This is the difference between opportunity cost and a trade-off.
What is that an opportunity cost is value of giving up the next-best alternative option, while a trade off is the simple alternative you give up when you make an economic choice?
This is the difference between Communism and Socialism.
In Ms. Estep’s opinion, this is the best pizza order.
What is olives, sausage, and bell peppers?
This is what a PPC or PPF tells us.
What is the opportunity cost of increasing the production of one product for another/ Law of Increasing Opportunity Costs?
Define Economics.
What is how people choose to use scarce resources to satisfy their endless wants?
As opposed to positive economics, which describes how economic behavior currently is, normative economics describes this.
What is how economics should or could be?
These are the three types of Socialism.
What are Participatory (Utopian), Democratic, and Authoritarian?
What are freedom, private property, consumer sovereignty, competition, and profit motive?
This is what it means when the PPC shifts to the left.
What is a contraction of the market, where less products can be produced/ less productivity?
Describe the Circular Flow Model.
What is the model that represents the continual flow of the factors of production, goods and services, and money throughout the economy?
These are the three economic questions.
What is: What will be produced, How will it be produced, and For whom will it be produced?
This is the end goal of Communism.
What is an overthrow of the Bourgeoisie by the Proletariat in order to create a classless, moneyless, stateless society?