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Mercantilism
Theory
Choice
Econ Fundamentals
Misc
100

A belief about the economy that is not based on evidence. 

What is an Economic Assumption?
100

An idea or thought about the economy that is based on reality, but can never be as complex.

What is an economic theory? 

100

A term that refers to all resources in an economy being limited. 

What is scarcity?

100
The study of the consumption, distribution, and production of goods and services.

What is economics?

100
Something bought by a country and brought in from elsewhere. 
What is an import?
200

An economic system based on dominating other countries, establishing a favorable balance of trade, and hoarding precious metals. 

What is Mercantilism?

200

An economic system in which private business owners make most economic decisions within a competitive market.

What is Capitalism?

200

The next best option that one has to give up whenever making a decision.

What is opportunity cost?

200

These four questions need to be answered by any economy, and how they are answered helps us determine an economy's economic system.

What are the four economic questions?

(What to produce? how/when to produce it? How much to produce? How is it distributed?)

200

Something sold to another country and shipped out to elsewhere.

What is an export?

300

A tax on an import.

What is a tariff?

300

All economies today are some version of this, utilizing aspects of more than one economic system.

(not including some economies of very small communities)

What is a mixed economy?

300

A graph that is used to measure Opportunity Cost, among some other uses.

What is the Production Possibilities Frontier(Curve)?

300
Resources such as land, money, and labor that are put into motion to produce goods and services.
What is capital?
300

The stage in between Capitalism and Communism according to Karl Marx, in which workers use the government to create Communism

What is Socialism?

400

The attempt to produce every single good inside of one country, without relying on trade.

What is self-sufficiency? 

400

A theory of some future society in-which there is no government, no class differences, and no money, and everyone gives what they can, and gets what they need.

What is Communism?

400

This refers to the breaking up of production into smaller tasks and leads to a much more efficient economy.

What is specialization?

400

A type of capital that involves the machines, land, and materials used to produce goods and services. (give both names)

What is physical capital? (capital goods)

400

According to Adam Smith, this is the best thing for society as long as it is limited by that.

What is self interest? 

What is competition?

500

When exports are higher than imports.

What is a Favorable Balance of Trade?

500
Both names for an economy that melds together Capitalist markets and private business, with a lot of government regulation and government run-enterprises, and a strong welfare system. 

What is Democratic Socialism? (Social Democracy)

500
A name for the type of advantage one country or business has against another in-which there is a lower opportunity cost for that change in production.

What is comparative advantage?

500
The three types of resources and their definitions.

What are perpetual resources? (+definition)

What are renewable resources? (+definition)

What are nonrenewable resources? (+definition)

500

The names and definitions of 3 different economic systems that we studied, as well as how each would answer the 4 economic questions. 

What is Capitalism? (+definition +economic questions)

What is State Socialism? (+definition +economic questions) 

What is Mercantilism? (+definition +economic questions)