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Terms
Eco systems
Graphs
Free enterprise
Potpurri
100
Our school's attendance policy is an example of this
What is an incentive
100
This question helps define what type of economic system a country has.
What is how are goods produced? What kinds of goods are made? For whom are the goods made for?
100
This graph shows opportunity cost, scarcity, and trade-offs.
What is a production possibilities frontier?
100
This feature of free enterprise allows for lower prices and better quality.
What is competition?
100
Give an example of an opportunity cost.
What is many answers?
200
This forces us to make choices with our limited resources
What is scarcity?
200
In a socialist system these are owned and controlled by the government.
What is resources?
200
In this diagram resources flow from households to businesses.
What is the circular flow model?
200
This negative aspect of globalization that is most seen in our economy is . . .
What is job loss?
200
Give an example of how you have participated in the product market
What is bought a good or service?
300
These are the tools, equipment, and factories available for producing goods and services.
What is capital?
300
This trend is making the world a smaller place.
What is globalization?
300
These are the three economic actors in the circular flow model.
What is households, gov't, and businesses?
300
These are discouraged through laws, regulations, and taxes.
What is negative externalities?
300
A guns vs butter decision shows this economic term ...
What is a trade-off?
400
This term describes the side effects of actions on others
What is externality?
400
This type of economic system pays little attention to income inequality.
What is a free enterprise system?
400
As more resources are available to produce goods and services the PPF graph will ...
What is increase by shifting to the right?
400
Other than school, give an example of a pure public good.
What is fireworks, nat'l defense, dams, etc.?
400
As seniors this "illness" is very contagious during the second semester
What is senioritis aka a reason to be lazy?
500
When one person's use of a good diminishes someone elses ability to use that same could we have ...
What is a rival good?
500
In a free enterprise system some goods will not be produced in enough quantities. The gov't will step in because ...
What is the private market won't produce them because of free riders and no profit?
500
As a country makes more of one good they give up production of another good. This can be measured numerically by the following term ...
What is opportunity cost?
500
When people can be prevented from using a good we say that ...
What is excludable?
500
On a PPF a combination of goods that can't be produced due to lack of resources is shown by
What is a point outside the curve?