VOCABULARY
THE STUDY OF THE USE OF SCARCE RESOURCES
ECONOMICS
RESOURCES NEEDED TO PRODUCE GOODS
FACTORS OF PRODUCTION
3 MAJOR ECONOMIC SYSTEMS
FREE ENTERPRISE
SOCIALISM
COMMUNISM
IDENTIFY 2 OF THE ECONOMIC THINKERS FROM THIS UNIT
ADAM SMITH
FRIEDRICH HAYEK
JOHN MAYNARD KEYNES
MILTON FRIEDMAN
THOMAS SOWELL
FAMOUS WORK OF ADAM SMITH
WEALTH OF NATIONS
ECONOMIC SYSTEM WITH FREEDOM FOR PRODUCERS AND CONSUMERS
FREE ENTERPRISE
4 FACTORS OF PRODUCTION
LAND
LABOR
CAPITAL
ENTREPRENEURSHIP
IDENTIFY 2 BASIC ECONOMIC QUESTIONS
WHAT TO PRODUCE?
HOW TO PRODUCE IT?
FOR WHOM TO PRODUCE IT?
HOW MUCH TO PRODUCE?
FATHER OF CAPITALISM
ADAM SMITH
SUMMARY OF KEYNESIAN ECONOMICS
BELIEVED THAT GOVERNMENT INTERVENTION WAS NECESSARY TO CORRECT AND PREVENT ECONOMIC DOWNTURNS
INSUFFICIENT SUPPLY OF A RESOURCE
SCARCITY
NATURAL RESOURCES USED TO PRODUCE GOODS
LAND
WHAT SHOULD BE CONSIDERED WHEN ANSWERING THE QUESTION, " WHAT TO PRODUCE?"
DEMAND
AVAILABILITY OF RESOURCES
FAMOUS AFRICAN AMERICAN ECONOMIST
THOMAS SOWELL
NAME OF HAYEK'S ECONOMIC PHILOSOPHY
AUSTRIAN ECONOMICS
THE VALUE OF SOMETHING GIVEN UP, WHEN MAKING A CHOICE
OPPORTUNITY COST
TOOLS, BUILDINGS AND MACHINES USED TO PRODUCE GOODS
CAPITAL
WHAT SHOULD BE CONSIDERED WHEN ANSWERING THE QUESTION, " FOR WHOM TO PRODUCE IT?"
DEMOGRAPHIC INFO
INCOME
AMERICAN ECONOMIST WHO OPPOSED FED RESERVE CONTROL OF MONEY SUPPLY
MILTON FRIEDMAN
PRIMARY DIFFERENCE BETWEEN KEYNES AND THE OTHER ECONOMIC THINKERS
HE FAVORED HEAVY GOVERNMENT INTERVENTION IN THE ECONOMY
VISUAL REPRESENTATION OF OPPORTUNITY COST
PRODUCTION POSSIBILITIES CURVE
INDIVIDUALS USE THE OTHER FACTORS TO PRODUCE GOODS AND SERVICES
ENTREPRENEURSHIP
PRIMARY DIFFERENCE BETWEEN FREE ENTERPRISE AND COMMUNISM
WHO OWNS FACTORS OF PRODUCTION?
PRIMARY DIFFERENCE BETWEEN AUSTRIAN ECONOMICS AND KEYNESIAN ECONOMICS
AUSTRIAN ECONOMICS= NO GOVT IN ECONOMY
KEYNESIAN ECONOMICS= GOVT INVOLVED IN ECONOMY
EXAMPLES OF EACH FACTOR OF PRODUCTION
LAND- PLOT OF FARM LAND
LABOR- HUMAN FACTORY WORKERS
CAPITAL- TRACTOR
ENTREPRENEURSHIP- ELON MUSK