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Market Failures
Types of Economies
Allocation Strategies
Marginal Analysis
Fundamental Economic Concepts
100

This type of good, like a lighthouse, is available to everyone once it’s provided, and it’s difficult to exclude people from using it.

Public goods

100
What type of Economy does the United States have?
What is a Mixed Economy
100

This allocation strategy gives resources to the person willing and able to pay the most.

Price

100
What is the definition of scarcity?
What is the condition that exists when unlimited wants exceed limited productive resources.
100

You decide to watch Netflix instead of studying. The opportunity cost of this choice is what?

a better grade on your test! (or something related to not studying)

200

A factory pollutes a river while producing goods. This side effect that harms third parties is called what?

Negative externality

200

This economic system is great at meeting the goal of freedom

Market Economy

200

In this strategy, resources are distributed based on the majority’s choice, often through voting.

Majority rule

200

An additional cost of doing something

marginal cost

200

What is Capital?

What are tools used in labor whether physical or ideal.

300

What type of laws were put in place to prevent one company from having too much power?

Antitrust laws

300
What type of Economy is run solely by the government in almost every aspect?
What is a Command Economy.
300

A king decides who will receive land grants in his kingdom. This is an example of which allocation strategy?

Authority

300

A rational decision is made when the marginal __________ is greater than or equal to the marginal __________.

Benefit and Cost

300
What is Opportunity Cost?
What is the best alternative given up when making a decision.
400

This type of externality exists when a homeowner plants flowers, and the entire neighborhood benefits from the increased property values.

Positive externality

400

What type of economy has the most unemployment?

Market economy

400

A city has one available donor heart for transplant. Doctors choose the recipient based on factors like age, health, and compatibility. Which allocation strategy is this?

Personal Characteristics

400

Which law explains why you won't eat an 8th slice of pizza at stevie B's?

law of diminishing marginal utility

400
What are the 3 basic economic questions?
What is "What needs to be built?", "How does it need to be built", and "For whom is it produced for?"
500

Government tries to prevent this so that prices stay low and quality of goods are high

Monopoly

500

This system often struggles to achieve efficiency but excels in providing stability and guaranteed employment

Command

500

Federal stimulus checks distributed equally to most citizens during COVID-19. Which allocation Strategy?

Sharing

500

You already ate two slices of pizza and are deciding whether to eat a third. The decision should be based on what principle of economics?

Marginal Analysis

500

A software company develops a new app using computer servers, skilled programmers, and venture capital funding. Identify the factor of production that is most directly represented by each of the following:

  • the servers,

  • the programmers’ 

  • and the venture capitalist who funded the project.

Servers -> Capital

Programmers -> Labor

Venture Capitalist -> Entrepreneurship