Show:
Vocabulary
Graphs
Types of economies
Globalization and trade
Potpurri
100
Equipment, tools, or factory space which makes us more productive
What is capital?
100
On this type of graph, opportunity cost, trade offs, and scarcity are shown
What is a production possibilities frontier?
100
A majority of the world's economies are . . .
What is mixed?
100
In America, this is the biggest cost of living in a globalized world?
What is job loss?
100
Give an example of a positive externality and a way the gov't could promote it.
What is school and they could subsidize it? Other answers as well
200
When you make a decision you give this up ...
What is opportunity cost?
200
This model shows the relationships of the gov't, households, and businesses in the economy.
What is a circular flow model?
200
The three economic questions a society must answer are . . .
What is produced? How is it produced? For whom are the goods produced for?
200
The definition of globalization is . . .
What is the world is becoming smaller and more connected leading to economic events affecting everyone who is connected?
200
Explain why it makes economic sense to have your town put on the fireworks display and not a private individual?
What is fireworks tend to be nonrival and nonexcludable?
300
These include land, labor, capital, and entrepreneurship.
What is the factors of production?
300
Producing above an economy's PPF is only possible if . . .
What is more technology or resources are found?
300
Two major differences between a free enterprise and a socialist economy are .. .
What is ownership of resources, role of gov't, income distribution, controlling prices, ownership of private property, and having an economic plan?
300
Explain two benefits of globalization for the U.S.
Many answers include: cheaper goods, more trading, variety of items, peaceful relations, etc.
300
In which type of economic system does the gov't come up with an economic plan and owns a majority of resources?
What is a socialist economy
400
Pollution, crying babies, and second hand smoke are classic examples of ...
What is a negative externality?
400
When an economy is producing below its PPF we would say that it is . . .
What is inefficient or not using all resources to their full potential?
400
In a free enterprise economy, economic incentives benefits individuals by . . .
What is causing them to produce more and often work harder?
400
What has caused the recent explosion of globalization across the world?
What is increased communications, technology for transport, and reduced barriers to trade.
400
Voluntary exchange can be defined as . . .
What is trading one item you value less for an item you value more?
500
This is defined as a good in which one person's use diminishes your ability to use that good
What is rival?
500
These are the two markets in a circular flow model.
What is the product and factor market?
500
This individual is the "father of free enterprise" and wrote about the invisible hand.
Who is Adam Smith?
500
Explain why Tiger Woods should stick to golf and pay someone else to mow his lawn using economic concepts?
What is many answers that address opp cost and comparative advantage?
500
This is the fundamental condition that causes people, nations, and the economies to make choices?
What is scarcity?