Show:
Important Words
Important Dudes
Important Things
100
the development of skills or knowledge in one aspect of a job or field of interest
What is specialization?
100
a Scottish sailor who was left on a small island off the coast of Chile by his shipmates
Who is Alexander Selkirk?
100
these two foods were critical for survival for Pirate Jack and Selkirk
What are turnips and clams?
200
the condition that exists when someone can produce a good or service using fewer resources than someone else
What is absolute advantage?
200
this great classic of English literature written by Daniel Defoe, may have been inspired by the true story of Alexander Selkirk
What is The Life and Strange Surprising Adventures of Robinson Crusoe?
200
can be traded for goods and services or used to pay debts -it's why we work
What is money?
300
the allocation of separate tasks to different people
What is division of labor?
300
this castaway immediately becomes competition for food for Selkirk
Who is Pirate Jack?
300
this song is sang every time the Cubs get a win
What is "Go Cubs Go"?
400
the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else
What is comparative advantage?
400
Adam Smith writes about the advantages of specialization in this book
What is The Wealth of Nations?
400
this country is used as an example as to why specialization does not work for everyone
What is Nepal?
500
the direct exchange of goods or services without the use of money
What is barter?
500
This English economist developed the theory of comparative advantage in 1817
Who is David Ricardo?
500
the value of the next best alternative that is given up when making a choice - a term we keep hearing over and over and over and over again
What is opportunity cost?