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Resources
Tradeoffs and Opportunity Costs
Economic Systems
Vocab
100

What does Land describe?

The resources gained from the natural world

100
Does this describe a trade off? 

I drove home from school.

No

100

What are the advantages of a traditional economy?

  • Provide Economic Security. 

  • Everyone has a role in the economy.

  • Community members are cared for. 

  • Sustainability is often prioritized. There is an interest in protecting and conserving natural resources.

100

Exists if we desire more than we can produce

Scarcity

200

What does capital describe? 

The physical resources used in production and the skill and knowledge workers have that is used in production

200

Does this describe a trade off? 

My mom asked me to take my little sister with me to the park or invite my friends to the house so we could watch her. We took her to the park.

Yes

200

Which system relies on the following incentive? 

  • Business owners are incentivized to keep consumers happy so they will continue to choose their products.

Market systems
200

The Benefits of a choice that are easily quantified in terms of dollars.

Explicit Bennifits

300

What is the role of Labor in Production?

the act of producing a good or service. The workers involved in the production
300

When I am faced with BLANK resources, I need to consider my BLANK (2 words) and then make a BLANK

Scarcity, opportunity cost, tradeoff

300

What are public goods and services

Things and activities produced in the economy for the benefit of the whole society. They are services controlled by the public. (though government or other collective control)

300

A graph that illustrates the idea of scarcity. Showing the max combinations of production for two goods or services.

Production Possibilities Frontier
400

What does entrepreneurship describe?   

The willingness of someone to coordinate production. The willingness to assume the risks of coordinating production

400

How do incentives motivate the choices we make? 

Incentives can motivate individuals and businesses to allocate resources in ways that maximize benefits or profits.

400

What are Private Goods and Serices

Things and activities produced in an economy by companies owned or controlled by individuals to produce a profit.

400

Activities produced/exchanged in an economy

Services

500
100 points for each perspective on resource allocation you can think of

Abundance

Scarcity

Sustainability 

Uncertainty

500

What assumption do we make about efficient use of our resources?

That all resources should be employed at max capacity.

500

Mixed Market economies

Combines a market economy with varying levels of government involvement and elements of culture and tradition. 

500

Economics

The study of people and their choices related to the use of resources.