Ch. 1 Throwback
The problem that all societies face.
Describes how any society answers the 3 economic questions.
This is the simplest economic system and is based on family customs.
This model could show how either a mixed economy or a free-market economy runs.
In Super Mario Bros., this character is most often rescued at the end of the game after being held by Bowser.
Who is Princess Peach?
What is value?
Usually answered using a society's wants and needs.
What is "what to produce?"
A disadvantage of this system would be that it creates a wide divide between rich and poor.
What is a free-market economy?
This shows the transfer of money for goods and services.
What is the product market?
In the Marvel Cinematic Universe, this hero famously says, “I can do this all day.”
Who is Captain America?
This is what economists would consider to be inefficient when looking at an economic graph comparing the production of two possible goods.
What is a point inside the Production Possibilities Curve?
Usually a choice of human labor or automation using some robotic aspect.
What is "how to produce?"
An advantage of this system would be that resources are usually efficiently allocated.
What is a centrally-planned economy?
A free market circular flow model would show how these two entities interact.
What are households and firms?
In Finding Nemo, this forgetful blue tang fish helps Marlin travel across the ocean.
Who is Dory?
Signing up for an HVAC class at the local community college would be a good example of this.
Usually answered using a price tag.
What is "for whom to produce?"
Free-market, just less Laissez Faire.
What is a mixed economy?
This entity is added in a mixed economy circular flow model.
What is government?
In The Legend of Zelda series, this is the name of the kingdom Link is typically trying to save.
What is Hyrule?
Some economists would argue that this modern tool could be considered both a want and a need.
What is a smart phone?
A society usually chooses how to answer the three economic questions based on these.
What are their economic goals.
The government might provide these to help close the gap between rich and poor in a mixed economy.
What are welfare programs?
Where a society is located on a mixed market continuum is based on this.
What is the level of government involvement?
In the Marvel universe, this metal—stronger than steel and used to make Captain America’s shield.
What is Vibranium?