Key Vocabulary
Situation when our wants are greater than the resources available to satisfy those wants.
Scarcity
The chromebook that you use to help you create a project.
Capital
North Korea
Command
Rationing exists because this exists.
Scarcity
How a society answers the three economic questions defines its
Economic system
The most highly valued option given up when a choice is made.
Opportunity Cost
The corn a farmer produces with the help of his tractor and plow.
Land
Amish
Traditional
If your parents offer you cash for every A on your report card.
Incentive
Which of the following is not one of the three economic questions?
How much will be produced?
Economics that deals with an individual, business, or single market.
Microeconomics
Volunteering to help the concession stand or hospitality room at tonight's basketball games.
Labor
United States of America
Mixed system but leans toward market (capitalism) heavily.
Kobe Bryant's and LeBron James's decision to go directly into professional basketball rather than college.
Opportunity Cost
Mr. Nichols deciding to quit his job and open a lemonade stand without any approval, permits, or licensing from the government is an example of
Market Economy
Economics that deals with the entire economy or aggregate.
Macroeconomics
Jim Gaffigan, a comedian, doing his stand-up routine at the Gilloz theater.
Entrepreneurship
Soviet Union (USSR)
Command
Coley Turner and her show pig, Wilbur, provide two types of examples of resources.
Coley = Labor
Wilbur = Land
Government creating an agency to help regulate and monitor the purchase of over the counter medicines is an example of
Command Economy
Something that encourages or motivates a person to take action.
Incentive
Henry Ford
Entrepreneurship
Australia
Mixed system but leans heavily toward market (capitalism)
When a society spends money on national defense, there is
naturally less money to spend on roads, healthcare, etc.
This is known as what economic concept.
Though both countries have mixed economies what economic system do the following countries most resemble: China, Sweden
China = Command
Sweden = Market