Scarcity
What is unlimited?
The United States is best described as this type of economy.
What is Market Economy?
This group of people in a free market economy play the role of purchasing goods and services.
What are the consumers?
In a market economy, these are the people who are creating and selling the goods and services.
What are the producers?
In economic terms, plumbing would be an example of this.
What is a service?
This type of economy has complete government control of the means of production.
What is a Command Economy?
This economic phrase means that consumers can never actually consume something that is free.
What is "There is No Such Thing as Free Lunch?"
This is Mr. Byrd's favorite MLB team.
What are the St. Louis Cardinals?
This is the term for the usefulness of the good or service.
What is utility?
This is a type of trade that occurs in a traditional economy.
What is Bartering?
Name all Four Factors of Production.
Land, Labor, Capital, and Entrepreneurship.
Name all 3 of the countries we discussed with Mixed Economy.
What is China, Germany, and Sweden?
No matter the economic system, producers must answer these three questions.
WHAT goods should be produced?; HOW should the goods be produced?; FOR WHOM should the goods be produced?
This book outlines the capitalist economy and its main ideas.
What is the Wealth of Nations?
This graph helps producers determine how much of a good or service they need to provide by comparing it to another good or service they could provide at the same time.
What is a Productions Possibility Curve?
These two main aspects make up a Market Economy and direct the production of goods and services.
What is Supply and Demand?
This is the term that states there should be little to no government control of the economy.
What is laissez-faire?
This is the idea that the government will make all decisions regarding production in a command economy.
What is Centralized Planning?
This Factor of Production refers to the tools, equipment, and factories need to produce goods and services.
What is Capital?
This is the name of Karl Marx's book written to lay out the main ideas of a command economy.
What is the Communist Manifesto?