Systems
7 Principles
Factors of Production
100

This type of economy involves aspects of free market and command economies.

Mixed.

100

The difference between microeconomics and macroeconomics.

Microecon = individual and business decisions.

Macroecon = national or global decisions.

100

This factor of production consists of all natural resources.

Land.

200

This is one of the 3 questions an economic system must answer.

What will be produced? How will it be produced? How will the goods be distributed?

200

This defines scarcity and where it came from.

The fact that resources are finite. 

Came from everyone's unlimited wants and limited desires. Also from the sin committed by Adam and Eve.

200

This factor of production refers to the effort someone put into production.

Labor.

300

Name 2 economic goals.

Economic efficiency, security, growth, freedom, equity, stability.

300

Describe marginal benefit and marginal cost using an example.

Matt Dawson's finger.

300

This factor of production refers to either skills or physical tools used to produce.

Capital.

400

This type of economy divides labor among gender lines, is often found among hunter-gatherers, and is more interested in security and stability than growth. 

Traditional economy.

400

An example of a tradeoff a country makes when trading.

Saudi Arabia producing oil instead of clothes.

400
This is an example of an entrepreneur.

Elon Musk. Jeff Bezos. Bill Gates. Etc.

500

Give one example of a Command economy from the past and one that exists now.

Past: Soviet Union

Present: North Korea, China, Vietnam, etc.

500

This thinker created the idea of the 'invisible hand' that says people do not need a government to regulate economy activity.

Adam Smith.

500

This is the difference between physical and human capital.

Physical - machines used for producing goods or services.

Human - skills used for producing goods or services.