The Three Economic Questions
What is Profit
The Amount of Money a company makes after expenses
What is Intellectual Property
Artistic expressions created by someone. (Movies, Songs, Books)
Who Controls Everything in a Centrally Planned Economy
The Government
Who was the Scottish Philosopher who believed in the self-regulation of the Free-Market
Adam Smith
What is Mr. Ellis' Birthday
March 27th
What are Factor Payments
The Income people receive for labor done, and land bought from them
What is added into the Circular Flow Model that was not in the Free Market Version
The Government
What Type of GOVERNMENT have been associated with Communism and Central Planning
Authoritarian
What is Specialization
Concentration of an individual's talents into one effort (Baker Bakes, Teacher Teaches)
What is Mr. Ellis' brother's name
Josh
Which type of economy relies on habit, ritual, and custom to answer the 3 basic economic questions
Traditional Economies
What is Privatization
Taking Government-owned businesses and selling them to individuals and allowing them to compete in the market
What two Economic Systems are often confused for each other when discussing central planning?
Socialism and Communism
What word describes the Government in a Free-Market Economy
Laissez-Faire
What Color are Mr. Ellis' eyes?
Brown
What are the Three Economic Questions
What should be produced
How Should it be produced
Who consumes it
What are beneficial ways that the Government interferes in the Free Market
No Child Labor, Taxes for Public Goods, Fair Trade Laws
How does Socialism differ from Communism
Socialism implements some aspects of Free Market like Private Property Ownership
Consumers have the ultimate ability to decide what goods are produced.
What State did Mr. Ellis travel to in 2021
California
What are the 5 Economic Goals all countries seek to satisfy
Freedom, Security, Equity, Growth, Efficiency
Give me examples of Mixed Economies leaning towards both Central Planning and Free Market Ideologies
CP: Iran, North Korea
FM: USA, Singapore
What Economic Goal does Central Planning actually satisfy
Security
Explain the Circular Flow Model under the Free Market
We give money to firms in exchange for goods. Firms give us money in exchange for labor
What is Mr. Ellis' favorite movie? 3 acceptable
The Spongebob Movie, The Rock, Dodgeball