Cost Benefit
Benefits or costs related to money
Explicit benefits or costs
Name the 4 factors of production
Land, Labor, Capital, Entreprenurship
A economic system where the people and the government work together to form an economy
mixed economy
external motivators that explain peoples choice
incentives
Most viewed tik tok of all time.
Zack Kings Magic Ride
What are utils?
Happyness points
Tools/Machines you use to make other products/services.
Capital
A economic system where the govt. makes most decisions
planned economy
tension between in wants and needs or the reason we have to makes choices.
scarcity
what state is the largest in land area
Alaska
Benefits or costs related to happyness
Implicit costs/benefits
The two most important things countries must do to be successful.
Specialize and trade
The country that is closest to a true free market economy?
New Zealand
study of economics on a large scale
Which Nba team won the championship in June.
GS Warriors
The cost of the next best decision or what you give up when you make a choice.
Opportunity cost
Guns or butter is an example of what type of economic concept
Opportunity cost
What is one advantage of a command economy
Act quickly in an emergency or treat every one equally.
What are two out of the 3 questions to answer when creating an economic system
What to produce
How to produce it
Who gets it
What is the current population of Yuma Az?
96,044
The total benefits you get from any decision
Total utility
If a country was producing goods inside or to the left of the PPF curve ...what would that point be called?
Inefficent
Why command economies usually dont work?
Inefficient and lack of motivation for the people
Having a division of labor
Specialization
What is the top grossing movie of 2022 so far?
Top Gun: Maverick