Economic Systems
Role of Gov.
PPC
Vocab
Random
100
All economic decision are made by the government
What is a command economy?
100
Welfare, social security, food stamps Medicare/, Medicaid
What is redistribution of income?
100
A graphic illustration that illustrates trade-offs that are made. No acronym
What is the production possibilities curve?
100
Limited resources and unlimited Wants and needs
What is scarcity?
100
The 3 economic questions
What to produce, how to produce, for whom to produce?
200
Low unemployment, job security, no extreme poverty, free health car are all advantages of this system.
What is a command economy?
200
Provided by the government when the public is unwilling or unable to provide
What is a public good/service?
200
Illustrated by the points which fall on the curve
What is efficiency, max efficiency, or max output?
200
5 economic goals
What is
Freedom, efficiency, growth
Equity, security, stability,
Full employment, sustainability?
200
Increases as a result of education and training
What is productivity or standard of living?
300
People and firms act in their own best interests
What is a market economy?
300
Occurs because of inadequate competition, consumers are uninformed, or when prices are unreasonable
What is a market failure
300
It is shown by points which fall inside the curve
What is inefficiency?
300
Iron, water, trees
What is land/natural resources?
300
Creating an assembly line is an example of?
What is Division of Labor?
400
An example of a traditional economy?
Various answers what are inuits, aborigines, tribal societies, etc.
400
The goal of the government in a mixed economy.
Create a safety net for citizens?
400
An increase in resources or an improvement in technology would case a shift in this direction
What is the right?
400
To distribute according to a plan
What is allocation?
400
BEING PART OF AN ASSEMBLY LINE IS AN EXAMPLE OF?
What is Specialization?
500
The government plays a role when needed.
What is a mixed economy?
500
How does the government maintain competition
Enforcing antitrust laws
500
What is 30 toothbrushes?
500
The definition of rational decisions
When marginal benefit are greater than or equal to marginal costs?
500
How can an economy grow?
Have new resources
Improve technology
More population