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