Principles
Scarcity and Opp. Cost
Possibilities
Systems
American Free Enterprise
100
A physical item that satisfies a want or a need
What is a good?
100
You have $20 and want both a $15 lunch and a $12 movie ticket. This prevents you from buying both.
What is scarcity?
100
What is the PPF?
100
In this system, the government controls production and distribution
What is a command economy?
100
The first named european to reach North America
Who is Leif Erikson?
200
Any and all natural resources
What is Land?
200
The study of people using scarce resources to fill unlimited needs and wants
What is Economics?
200
All points on the line of the PPF are...
What is efficient?
200
The "black box" flight recorder of an airplane is this color.
What is orange?
200
In the American free-enterprise system, individuals and businesses have the right to own and control resources.
What are private property rights?
300
A haircut, car wash or gardening are all...
What are services?
300
Every society must answer three questions.
what is:
What to produce?
How to produce?
For Whom to produce?
300
On the evolutionary tree, crocodilians’ closest living relatives belong to this group.
What are birds?
300
A country has private businesses as well as public schools and regulations. They have this economy.
What is a mixed economy?
300
Businesses often improve quality, lower prices, or offer new products because they are trying to win customers from rival firms.
What is competition?
400
The four factors of of production
What are land, labor, capital and entrepeneurs?
400
All curling stones are made of a specific type of granite on a single island in Scotland.
What is Alisa Craig?
400
A major improvement in all technology would cause this on the PPF
What is a right shift?
400
In this system, businesses respond mainly to consumer demand, and prices help determine what gets produced. True Laissez-faire economics.
What is the market economy?
400
The reason that encourages people to start businesses, invest, and take economic risks.
What is the profit motive?
500
Finish the quote:
"Strange women lying in ponds is no basis for a system of government."
What is:
"Supreme executive power derives from a mandate from the masses, not some farcical aquatic ceremony"
For Bonus
"you can't expect to wield supreme executive power just 'cause some watery tart threw a sword at you!"
"I mean if I went around saying I was an emperor just because some moistened bint lobbed a scimitar at me, they'd put me away!"
"Ah, now we see the violence inherent in the system!"
"Oh! Come and see the violence inherent in the system! Help! Help! I'm being repressed!"
"Ooh what a giveaway! Did you hear that, eh? That's what I'm on about! Did you see him repressing me? You saw it, didn't you?"
500
Maya has four choices after school: work a shift, study for a test, go to a basketball game, or stay home and play video games. She chooses to study. If she had not studied, she would have gone to the game; working was her third choice. Tell me her Opportunity Cost.
What is the basketball game?
500
The assumptions of the PPF are...
What are:
Two goods
fixed resource
fixed technology
full employment
500
A company discontinues a product after sales collapse and shifts its resources toward something customers are buying instead.
What is consumer sovereignty?
500
Because market economies can produce large differences in income and leave some people without enough resources, governments often create these programs to protect people from severe economic hardship.
What are Safety nets?