The programs used to guide a 3D printer to make something are which type of input?
Technology
How would the U.S. change if we had a pure market economy?
All decisions would be made by businesses. The government could not restrict them.
If making a puzzle, the machines to cut the pieces would be which type of input?
Capital
Name the four types of economic systems (Hint: Not capitalism, communism, etc...)
Market, Command, Traditional, Mixed
Is Karl Marx associated with Capitalism or Communism?
Communism
If you are studying Economics, what are you studying?
How we as humans use limited resources when we have unlimited wants.
Is Adam Smith well known for Capitalism or Communism?
Capitalism
The Soviet Union, Communist Russia, had which type of economy before collapsing? Market, Command, Traditional or Mixed?
Command
If making a computer, the glass and metal used in it would be which type of input?
Land
True or False: The public school system is an example of communism in America
False: It is an example of socialism: Tax money is being used to support all citizens.
What is the trade off if a country decides to go to war?
Many resources they use in the war cannot be used for the citizens of the nation and the needs they have.
True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.
True
What does it mean if a business owner has profit incentive?
They are motivated by making a profit.
Explain what a market is.
The free exchange of goods and services between buyers and sellers.
What is scarcity?
The reality we don't have enough money, time, or resources to get everything we want.
Anything used to make a good is called what?
A resource or input
What type of system would you have if some industries are controlled by the government but others are controlled by businesses- Capitalist, Socialist, or Communist?
Socialist
A production possibility curve is used to do what?
Determine the maximum amount of two goods when there is a fixed input.
Provide an example of a situation where you would see a mixed economy.
This could be anything as long as the company makes most decisions but the government has some power to limit what the company can do.
What is opportunity cost?
The choice you give up when you have to decide between two or more choices.
True or False: Macroeconomics focuses on decisions made by individual businesses.
False: Macro focuses on the economy as a whole. Microeconomics focuses on individual businesses.
If making a restaurant, the construction workers would be which type of input?
Labor
True or False: I would use a Production Possibility Curve to determine the maximum output between the five different goods my company produces.
False: This is only used when looking at two different goods.
True or False: The United States government has some elements that could be considered socialist.
True
Who did Karl Marx consider the Proletariat to be?
The workers who needed to overthrow the owners of businesses.
Which type of economy do we have in the United States? Traditional, command, market, or mixed?
Mixed
The ability of an owner to create a successful plumbing company is which type of input?
Entrepreneurship
How would the United States change if we had a pure command economy?
The government would make all business decisions and own all businesses.
What is microeconomics used for?
Studying the behavior and decision making of individuals or companies.
What are the three questions asked in all economies?
What should be produced? How should it be produced? Who should it be produced for?
Who did Karl Marx consider the Bourgeoisie to be?
The owners of businesses that manipulate the workers.
Explain the differences between market and command economies.
Market: Businesses and owners make most decisions with little government interference. Command: Government leaders make all business decisions.
If you are looking at the overall health of the United States economy are you looking more at Macroeconomics or Microeconomics.
Macroeconomics
Name five of the social goals of an economic system (there are six)