Types of Economic Systems
This economic system is 100% controlled by the government.
What is a Command economy?
The focus of buyers & sellers in the marketplace.
What is self-interest?
This drives an increase in the Opportunity Cost as production costs increase while transitioning from one good to another.
What is Law of Increasing Costs?
This economic concept can drive up prices.
What is Demand?
This economic system is centered around, barter & trade.
What is a Traditional economy?
This is the driving force behind Capitalism.
What is entrepreneurship?
Using fewer resources than the economy is capable of using.
What is Underutilization?
This economic concept can drive down prices.
What is Supply?
This economic system involves a level of government regulation.
What is a Mixed economy?
The grandfather of modern economics.
Who is Adam Smith?
Using resources in such a way as to maximize the production or output of goods & services.
What is Efficiency?
Infrastructure, land, natural resources
What is Capital?
This economic system is free of government regulation.
What is a Market economy?
This is another term for the free market system.
What is laissez-faire?
All the alternatives we give up whenever we choose one course of action over another.
What is a trade-off?
Your value in the workplace.
What is Human Capital?
This economic system was all about accumulating wealth for the homeland?
What is Mercantilism?
This drives the free marketplace
What is the Invisible Hand?
Alternative ways to use an economy's resources.
What is a Production Possibilities Curve?
This fundamental concept answers the three essential economic questions.
What is Scarcity?