Types of economies
Schools of thought
Economic policy
Miscellaneous
100
Government exercises complete control
Command economy
100
What ideology is reflected by the following statement:
When everyone focuses on what they're best at and then trade, everyone benefits!
Free-market capitalism
100
A tax that a government imposes on goods entering its territory
Tariff
100
If you have $1, then $100 means a lot to you.
But if you already have $1,000,000, then $100 might not mean as much.
Why is this (what's the term)?
Law of diminishing returns
200
Government exercises no control
Market economy
200
What ideology is reflected by the following statement:
Free markets lead to an unsustainable and unequal class system, consisting of bosses and workers. Workers will strive to be their own bosses.
Communism / Marxism-Leninism
200
Policy of wealth redistribution and anti-capitalism
Socialism
200
What's this
Production Possibilities Frontier (PPF)
300
Government exercises some control
Mixed economy
300
School of thought that says that the market is self-correcting if you give it enough time
Austrian economics
300
What did these two advocate for?
Correct answers: Neoliberalism / supply-side economics / deregulation / trickle-down economics
300
The loss of potential gain from other alternatives when one alternative is chosen
Opportunity cost
400
Agriculture-based, nothing is wasted
Traditional economy
400
Who invented free markets?
Adam Smith
400
What did Keynes argue for?
Government intervention during recessions
400
When Company X can produce more of Good A and B given the same amount of resources as Company Y
Absolute advantage