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Factors
At the Margin
Production Possibilities
Economic Systems
Free Enterprise
100
The fundamental problem of unlimited wants and limited resources that exists in all societies.
What is SCARCITY?
100
The tradeoff associated with adding one additional unit to production.
What is MARGINAL COST?
100
A point on the production possiblities frontier.
What is PRODUCTIVITY?
100
The rarest type of economy in existence today.
What is TRADITIONAL?
100
The freedom to buy and sell to whomever one chooses in a free market.
What is VOLUNTARY EXCHANGE?
200
The next best alternative which is sacrificed when a decision is made.
What is OPPORTUNITY COST?
200
The gain associated with adding one additional unit to production.
What is MARGINAL BENEFIT/REVENUE?
200
A point below the production possibilities curve.
What is UNDERUTILIZATION?
200
The most common type of economy in the world today.
What is MIXED?
200
A direct payment of money from the government to those in need – typically poor, disabled, or retired.
What is a CASH TRANSFER?
300
Natural resources such as hydrogen, carbon, and helium.
What is LAND?
300
Division of labor to promote expertise.
What is SPECIALIZATION?
300
A point above the production possibilites curve.
What is CURRENTLY UNATTAINABLE.
300
The benefits are growth, productivity, and freedom but the tradeoffs are equity, security, and stability in this system.
What is MARKET?
300
Goods and services provided by the government at free or greatly reduced cost to those in need.
What are IN-KIND BENEFITS?
400
The skills, training, health, and education of labor.
What is HUMAN CAPITAL?
400
Maximum outputs with minumum inputs.
What is EFFICIENCY/PRODUCTIVITY?
400
The direction a production possibilies curve would shift if an entrepreneur invested in human or physical capital.
What is RIGHT?
400
In this economy, all goods and services are publicly owned and controlled.
What is COMMAND?
400
Programs that protect people experiencing unfavorable economic decisions.
What is SAFETY NET?
500
Products which are purchased in order to produce other products.
What are CAPITAL GOODS?
500
The point at which one should STOP producing.
What is when marginal cost and marginal benefit are EQUAL?
500
As the production shifts from one product to the other, the tradeoff increases.
What is the LAW OF INCREASING COSTS?
500
In this type of economy there should be full employment.
What is COMMAND?
500
The metaphor created by Adam Smith which states that self-interest in-directly benefits the larger society.
What is the INVISIBLE HAND?