Economic Systems
Economic Concepts
Economic Terms
Misc. 1
Misc. 2
100

 In this type of economy, customs, traditions, and beliefs shape the goods and services produced, often relying on agriculture, hunting, and gathering practices, with little emphasis on modern technology or market-driven forces. What is this economic system called?

Traditional Economy

100

Which of the following is a primary tool used by central banks to control inflation?




Interest Rates

100

These are the goods and services produced domestically and sold abroad.

Exports

100

while macroeconomics examines the performance of the entire economy, Microeconomics studies the behavior of?

individual, or individual consumers and firms

100

This field of study focuses on the growth and decline of the overall economy rather than individual markets

Macroeconomics

200

In this economic system, decisions regarding investment, production, and distribution are guided by the interactions of citizens and businesses in the marketplace, with supply and demand determining prices and production levels. What is this type of economy called?

Market System

200

In this market, households work and receive payment from firms

Labor Market

200



What measures the size of total production in an economy?




GDP

200

What is the opportunity cost of purchasing a burger?

4 bus tickets.

200

What point is unattainable? 

B
300

In this system, the government or a central authority makes all major economic decisions, including what to produce, how to produce it, and for whom to produce, often resulting in limited consumer choices and state-controlled resources. What is this type of economy called?

Command System

300

What is the name of this?(Keynesian)

Circular Flow Diagram

300

This economic principle can lead to an increase in overall production.

Specialization

300

The most inefficient point depicted is?

G

300

"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is:

(4X10)+4= $44

400

In an economy characterized by both private enterprise and significant government intervention, where the government regulates industries but does not control all production, this economic system is often referred to as

Mixed Economy

400

This concept, described by Adam Smith in The Wealth of Nations, refers to the specialization of tasks within the production process, enabling workers to concentrate on specific roles.

Division of Labor

400

This economic lesson teaches individuals to ignore irretrievable losses and instead concentrate on the marginal costs and benefits of future options.

Sunk Costs

400

The model (diagram) that economists use for illustrating the process of individual choice in a situation of scarcity is the?

Budget Constraint

400

Economics focuses on how individuals and societies manage _______ resources to meet their unlimited wants and needs

Scarce

500

This economic system is based on the principles of free-market capitalism, where the means of production are privately owned, and decisions regarding investment, production, and distribution are driven by the profit motive and consumer preferences, often leading to minimal government intervention. What is this system called? (French word)

Laissez-faire economy

500

DAILY DOUBLE! You can wager 0-current score or if under 500, 500.

This economic principle explains how a country can produce a good at a lower opportunity cost than another country, allowing for more efficient trade.

500

As a person receives more of a good, the satisfaction or utility derived from each additional unit of the good declines.



marginal utility




500

Economists describe this pattern, which indicates that as a person receives more of a good, the additional benefit from each extra unit declines

law of diminishing returns or law of diminishing marginal utility

500

 In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of?

Buyers and Sellers or Consumers and Producers