Resources
This is a resource that is used to produce other goods.
What is capital?
Almost all countries in the world have this type of economic system.
What is a Mixed Economy?
This is what flows clockwise in the circular flow model.
What is money?
Roads, Schools, the Military, Law Enforcement are examples of these.
What are Public Goods?
This was the worst economic downturn in US history.
What is the Great Depression?
This is what gives resources value.
What is scarcity?
These are two examples of countries with a Command-focused economy.
What are North Korea, Vietnam, Cuba, China, Laos, Cambodia, Soviet Union, etc.?
The three ways Households/Individuals can use their money, according to the Circular Flow model.
What are pay taxes, save, and consumer spending?
This is government provided healthcare to the poor and disabled.
What is Medicaid?
Your employer will send this document to you if you receive medical benefits from them.
What is a 1095-C?
When someone considers the benefits or costs of eating one more piece of pizza, we say they are doing this.
What is Thinking at the Margin? (marginal utility)
These are the four economics questions.
What should get made?
How should it get made?
Who gets what is made?
How much should get made?
The four forms of income households receive.
What are rent, wages, interest, and profits?
Families in Poverty can receive this program's checks from their State to help pay for necessities.
What is Temporary Assistance for Needy Families (TANF)?
These are unintended benefits received from an economic transaction.
What are Positive Externalities?
What is a Comparative Advantage?
The book that Adam Smith wrote that influenced free market economics.
What is the Wealth of Nations?
The three things that consumption goes toward.
What are Durable Goods, Non-durable goods, and Services?
The name for regulations that require businesses to tell consumers what their products are made of, what side-effects they can cause, and if they are dangerous.
What are Public Disclosure Laws?
These are two leading indicators used to examine the health of a market economy (business cycle).
What are the Stock Market, Unemployment rate, New home sales, and interest rates?
Draw a fully-labeled PPC on the whiteboard for Capital Goods and Consumer Goods. Mark a point G where the economy would be producing if it is experiencing a recession. Mark a point E at where the economy would be producing at a peak in the business cycle. (You have 90 seconds)
See board.
The shorthand for Capital Goods and Consumer Goods when discussing government production.
What is Guns and Butter?
Draw Circular Flow on the whiteboard (you have 2 minutes)
See notes
What are Income Tax, Payroll Tax, Corporate Tax, Estate Tax, Property Tax, Sales Tax, Tariffs, Gift Tax, Excise Tax, etc.?
Draw a fully-labeled business cycle with all four phases labeled. (you have 90 seconds)
See board.