Vocabulary
The condition of having unlimited wants and limited resources
What is the problem of scarcity?
Anything OUTSIDE the productive possibilities curve is...
Individuals give this to the government in exchange for public goods and services.
What are "taxes"?
The type of economic system employed by Indigenous communities creating traditional arts and crafts.
The work, time, skill, and expertise of human workers represents this factor of production.
What is labor?
A place or platform where completed goods and services are sold.
What is a product market?
Any point INSIDE the Production Possibilities Curve is...
What is "inefficient"?
The group that belongs at the center of the Circular Flow Chart.
What is the government?
A lack of personal freedom and the production of low quality goods are both disadvantages of this political system.
What is a command economy?
This factor of production is the materials used by individuals and businesses to create other goods or services.
What is capital?
Breaking down tasks into smaller parts to make completing a process more efficient based on people's particular expertise.
What is specialization?
What is "quantity"?
Job fairs, land auctions, and hardware stores could all be examples of this type of market.
What is a resource market?
A lack of public goods and uncertainty due to change and competition are disadvantages of this economic system.
What is a market economy?
A business-owner provides this factor of production by taking a risk to start a business and build it up.
What is entrepreneurship?
A person's experience, education, skills, time, and labor.
What is human capital?
What is an increase in the 4 factors of production?
What are the 4 factors of production? (Land, labor, capital, entrepreneurship.)
Socialism is an example of this type of economy.
What is a mixed economy?
What is production?
The measure of the amount of output produced by a given amount of inputs in a specific time period
What is productivity?
Any point ON the PPC represents...
What is "using resources at peak efficiency"?
This part of the Circular Flow Model receives income from the resource market, and spends that income on consumer goods in the product market.
What are individuals/households?
Private citizens owning or using the factors of production to create profit is an aspect of this economic system.
What is a market economy?
Types of goods like geographic landforms, oil, plants, animals, and other natural resources fall into this category of production factors.
What is land?