Scarcity and Economics
Economic Choices
Economic Systems
Capitalism
Roles in American Free Enterprise
100
What is scarcity?
The condition that results from society not having enough resources to produce all the things society would like to have.
100
what are the four factors of production?
Land, Labor, Capital, Entrepreneurship
100
The central African Mbuti. Australian Aborigines, and the Northern Canadian Intuits are examples of what type of economy?
Traditional economy
100
What is economic freedom?
The right to choose as you please in an economic setting. Think purchases, jobs, and more
100
The person who organizes and manages the land, capital, and labor in order to seek the reward called profit are called
Entrepreneurs
200
a need is?
a basic requirement for survival
200
a tradeoff is _____ and the opportunity cost is ______
Trade-off is the decision. Opportunity cost is the value of what is lost.
200
An economy where most production answers are answered by the people is a trait of what type of economy?
Market
200
What is capitalism
Capitalism is an economic system in which private citizens own & use resources to make products & generate profit
200
What power do consumers have in a free enterprise economy?
they determine WHAT to produce.
300
These are an example of what type of good?
non-durable
300
The right to choose allows what rights to the consumer?
The right to a wide selection of goods at fair and market prices
300
What type of economy would did he run?
Command
300
An environment where products can be bought & sold in markets without government regulation or interference is called
Free market
300
The government's role in a free enterprise economy in turn makes it...
a mixed economy or modified free enterprise economy
400
What questions does society face about production? 3 ANSWERS
WHAT to produce, HOW to produce, FOR WHOM to produce
400
If I am deciding between coming to work and sleeping in, and I choose to sleep in, what is the trade-off and opportunity cost of my decision.
Trade-off: Choosing to sleep in over going to work Opportunity cost: Losing out on the day's pay, possibly getting fired.
400
A command economy is also called ______ just like a market economy is called ________
Vocab Words (:
socialism/communism, capitalism
400
A economic environment where resources are privately owned & competition is allowed to flourish with a minimum of government interference is called?
Free enterprise
400
consumer sovereignty...
ecognizes role of consumer as sovereign or ruler of the market.
500
In order for something to be valuable in monetary terms,
it must be scarce & have utility
500
Jake buys a new blender online after seeing an advertisement claiming it’s "safe for all users." After using it once, he notices the blender overheats quickly, causing it to emit a burning smell. Concerned about potential danger, he contacts the company, but they ignore his complaint. The product's manual lacks crucial safety instructions about how to properly use the blender, leaving Jake unsure about how to prevent further issues.
What two rights are violated?
Right to safety and right to be informed
500
Name one positive in a command economy
Citizens can receive goods and services they would not be able to afford
These economy's often have a clear and concise direction because one person or group is leading them
500
What is one pro and con of capitalism?
Pros
- A Variety of Goods, Adaption to Change, Creating of Wealth
Cons
- Unequal Economic Growth, Larger Gaps Between Rich and Poor, Overproduction
500
What four roles does a government play in a captalism economy?
a protector
provider
regulator
consumer