Show:
Market Systems
Thinking Economically
Scarcity
The US Economy
Exchange
100
MODEL market system where the government controls the factors of production and therefore makes all the economic decisions (e.g. North Korea).
What is the pure command economy model?
100
Resources that come from the earth. Must be scarce and piad for
What are natural resources?
100
All possible options in any decision
What are trade-offs?
100
Any goods not owned by the government
What is private property?
100
When economic actors depend on one another to satisfy their needs and wants
What is interdependence?
200
A market system that combines elements of traditional, pure command and pure market economic models
What are mixed economies?
200
The study of choices
What is economics?
200
The value lost of your next best option
What is the opportunity cost?
200
A legally binding agreement to exchange goods and services for one another, can be oral or written
What is a contract?
200
Being able to fulfill your needs and wants without outside assistance
What is self-sufficiency?
300
A type of mixed economy that resembles the pure command model (e.g. China)
What is authoritarian socialist?
300
The branch of economics that studies individual units of the economies and their interactions among each other
What is microeconomics?
300
The combination of unlimited needs and wants with limited resources
What is scarcity?
300
Regulates and oversees economic decisions in the US free enterprise system
What is the government?
300
A system which involves a direct trade of goods for one another
What is a barter system?
400
Adam Smith's economic model
What is the pure market economic model?
400
The use of knowledge and methods to create new product or make current product more efficiently is
What is technology?
400
An economic model that shows production possibilities of two good (e.g. Cars and Refrigerators)
What is the production possibilities curve/frontier (PPC/PPF)?
400
All exchanges among the economic actors can be traced and mapped out through this
What is the circular flow model?
400
A medium of exchange that involves paper representing value
What is money?
500
Type of market system that is based on tradition, rituals, habits, customs and precedents (e.G. Inuit tribes of Alaska)
What is a traditional economy?
500
Any resources used in the production of goods or services
What are factors of production?
500
The measurement of the level of output for a given level of input
What is productivity?
500
Government's main role in the US free enterprise system.
What are regulators AND service providers
500
System of exchange where consumers pay part of the cost one day and then finish paying the cost at a later date
What is credit?