Economic Basics
The North Pole is a very busy place this time of year. The elves are busy producing toys. Don't worry though, Santa pays them for their services as well as buys them the materials they need to make the toys.
What is an economy ?
Tweedle Dee agrees to help Tweedle Dum build some toys if Tweedle Dum will help him in return.
What is a traditional economy ?
Elves agree to help one another ?
What is barter ?
Pitbull calls himself Mr. Worldwide but he has nothing on Santa
What is globalization ?
Santa loves that in the North Pole economy his elves have freedom to make the toys they want and he tries to control them as little as possible
What is free market ?
The elves have been assigned to make six wooden horses but they are running low on wood and may only have enough wood to make five.
What is scarcity ?
Santa decides what toys to make and how many. The elves have no say in the matter.
What is a command economy ?
At the North Pole, candy canes are used to buy products and services
What is money ?
People all over the world celebrate Christmas with their own brand of Christmas music and Christmas movies
What is popular culture ?
Santa loves when he flies over a country and sees people working hard helping one another out. That is the true Spirit of Christmas. This means that a country is developed. What industry deals with people working and doing things for one another ?
What is service industry ?
Santa spends a lot of time making sure that the North Pole is stocked full of the materials needed for the elves to create toys. He can't afford to run out of supplies or not have the materials needed to make all of the toys for the good little girls and boys.
Each elf can decide which toys to make and is free to compete with the other elves to make the best toys possible.
What is a market economy ?
Santa puts most of his money in the snow bank until he can afford to buy a new sleigh
What is savings ?
Although Santa may not like it because it slows him down on Christmas Eve, he understands that sometimes laws and regulations have to be set on free trade between countries
What is a Trade Barrier ?
Santa knows that if he had complete control of The North Pole, his elves would be lazy workers and not have much creativity nor desire to get the toys made that needed to be delivered to good boys and girls on Christmas. What economic system is Santa glad that they don't have at the North Pole.
What is a Command Economy ?
Santa travels more than just on Christmas Eve. In fact, there are not many resources available at The North Pole, so Santa depends on countries throughout the world to provide the resources he and his elves need.
What is economic interdependence ?
What is a mixed economy ?
Santa and Mrs. Clause have part ownership in The North Pole Snowblowers football team.
What is investment ?
Santa likes that he is free to move about without any limitations from country to country
What is free trade ?
Which country is known as being the first to barter Christmas presents ?
Italy
Jethro really wants either a toy train or a new bike for Christmas. He decided to tell Santa he wants a bike. The toy train is Jethros ?
What is opportunity cost ?
Santa visits countries that are hustling and bustling with people all over working and who live in very nice houses.
What are developed countries ?
At the North Pole is where Santa keeps all of the tools to make toys, his reindeer, his sleigh, his fancy Santa suits
What are assets ?
In Frosty The Snowman, I made Frosty come to life ?
What is an old silk hat ?
I wrote the Christmas Carol
Who is Charles Dickens ?