4 Economic Systems
The oldest economic system. It has existed since the first hunters and gathers emerged.
Traditional Economy
What is the Law of Demand
Demand goes up when prices go down (and vice versa.)
Name the 4 Factors of Production
Natural Resources, Labor, Entrepreneurship, Capital
What is scarcity?
When there isn't enough of what people want/need
What is the plastic bit on a shoelace called?
An Aglett
The government is in complete control of the economy. Individuals don’t have choices in the system.
Command Economy
What is the Law of Supply?
Businesses will produce more when prices are up (and vice versa).
Any resource that is not man-made
Natural Resource
What is opportunity cost?
Money lost due to a decision made
What is the only NFL team with multiple single-season 2000-yard rushers?
The Tennessee Titans
Individuals make all the economic choices. Individuals have the freedom on how resources will be used and owned.
Market Economy
DOUBLE JEOPARDY! Name the 5 factors that influence demand.
Complimentary goods, taste, income, population, substitute goods
The work done to produce a good
Labor
What is unlimited in every economy?
Wants and needs
Who holds the record for the longest WWE Championship reign at 4,040 days?
Bruno Sammartino
Individuals and the government share making economic choices. They both answer the economic questions of what, how, and for whom.
Mixed Economy
When supply shifts left, what happens to prices?
They increase
Resources such as machines, buildings, etc.
Capital
What are the main driving factors of an economy?
Goods and services
What do you call a group of Ferretts?
A business
What system of economy does the United States operate under?
Mixed Economy
How much does supply and demand influence economies?
Entirely
The process of selling/investing in an idea
Entrepreneurship
What are some potential opportunity costs for going to college straight out of high school?
No full-time job experience/lost social time/lost sleep/etc.
Who won the 1964 World Series?
St Louis Cardinals