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Vocabulary
Unit 2
100
An economic system based on equity and in which the government decides what gets made and set prices is called a
What is Command Economy?
100
In a market economy, the protection of ____________ is essential?
What is private property rights?
100
Name 3 ways to increase productivity by investment
What is Equipment, Technology, and Human Capital?
100
______ is the ratio of inputs to outputs
What is Productivity?
100
a basic condition that exists when unlimited wants exceed limited productive resources.
What is Scarcity?
200
What are the three basic questions that an economy must answer because of limited resources and unlimited wants and needs are
What? How? and For Whom?
200
______ can be both positive and negative.
What is Externalities?
200
More training, experience, and degrees will lead to a higher
What is Standard of Living?
200
are the methods available to societies as they seek to answer this question
What is Allocation Strategies?
200
The four factors of production
What is land, labor, capital, entrepreneurship?
300
In the United States, most people are free to choose the work they would like to do. However, when the United States had a military draft during the Vietnam War, the United States arrested those who did not report for military duty. This allocation strategy is an example of ...
What is Force?
300
Overall, the goal of the government is to provide for the health and safety of its citizens and its businesses. This is an example of
What is Government Regulation?
300
Locate the letters that represents the following:
Underutilization
Impossible
Efficiency
Underutilization - Point A
Efficiency - Point B,C,D
Impossible - Point E
300
is an economic model used by economists to illustrate all possible combinations of efficient production available to an individual, firm, or country given the resources available to produce the two goods or services shown on the graph.
What is Production Possibilities Curve?
300
TWO VOCAB WORDS
refers to the additional positive value one receives from undertaking one more unit of an action
refers to the additional amount of effort, expense, or time one incurs from undertaking one more unit of an action
What is marginal benefit & marginal cost?
400
Two advantages of a market economy, as compared with a command economy are
What is more freedom and more efficiency?
400
______ Refers to a market failure resulting from the formation of monopoly and oligopoly market structures
What is Market Power?
400
What does B1 & B2 represents?
B1 - The original
B2 - Increase in productivity
400
usually refers to the goal of individual countries to maintain an upward trend of real Gross Domestic Product growth in the long-run
What is Economic Sustainability?
400
when students choose to pursue a particular major in college, this is an example of
What is Specialization?
500
This allocation strategy allows resources to be distributed based on need or merit.
What is Personal Characteristic?
500
Occur when the private market is unable to produce goods and services in a way that the marginal benefit to society from the production of the good is equal to or greater than the marginal cost to society for producing the good.
What is Market Failure?
500
A B C
Cupcakes: 0 2 6
Robots: 30 28 26
What is the opportunity cost from going to C to B?
What is 4?
500
is increasing production of goods and services over time.
What is Economic Growth?
500
occurs when two economic actors willingly trade one item for another because the value of the item they are receiving is greater at the time than the item they are giving up to receive it.
What is Voluntary Exchange?