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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 incentive that would cause more people to become vaccinated

Many apply such as payment or winning a chance at a lottery

200
When you make a decision you give this up ...
What is opportunity cost?
200

When demand increases it shifts in this direction

What is to the right

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

This is a financial payment from the government that shifts the supply curve

What is a subsidy?

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

This term refers to money being able to buy goods or services

What is a medium of exchange?

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

This is the interest rate your credit card charges you if you don't pay your balance in full each month.

What is the Annual Percentage Rate?

500

This is a term for an item that as your income decreases you demand more of this item

What is an inferior good?

500

If the supply of an item decreases its price and quantity would . . .

Price would increase and the quantity would decrease.

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?