Economies
There are _____ economic systems.
What is four?
PPC stands for
What is Production Possibility Curve?
A sole proprietorship is made up of _________ owners.
What is one?
The four main domains/sectors of the Circular Flow Chart are
What are households, businesses, factor market, and product market?
Economics is the study of
What is scarcity?
Name 3 characteristics of economies.
What is profit motive, competition, private ownership, government regulation, and consumer sovereignty?
A curved or bowed out PPC is showing
What is predicted data/the future?
The disadvantages of partnerships are:
What are limited life, unlimited liability, and partner split?
The Circular Flow Chart shows the flow of
_________ refers to the distribution of scarce resources.
What is allocation?
The government owns the factors of production in a
What is command economy?
A PPC shows ___________ and ____________
The two groups involved in a corporation are:
What are shareholders (owners) and Board of Directors?
What is labor?
Name the four factors or production.
What are capital, entrepreneurship, land, and labor?
Give an example of a market economy.
What is THERE IS NO MARKET ECONOMY in the world?
According to the PPC on the board, the opportunity cost from point A to point B is
What is 20 robots?
The advantages of a corporation are
What are limited liability and unlimited life?
The relationship between businesses and the factor market relies on _______________ and _____________. (Hint: think of the arrows)
What is the factors of production and the cost of production?
The term "durable good" refers to
What is a good reusable and has a lifespan of 3 or more years?
Name 2 advantages to a mixed economy.
What is competition, choice, good quality products or innovation?
In the situation that a hurricane has hit, the PPC would shift
What is to the left?
What is a corporation?
What is aid/subsidies, businesses, and household?
Name the different types of capital and give an example with each.
human (education): knowledge and skills of the workers
physical: tools
financial: investments (money)