Chapter 2 Section 1 Economics

Front 1

Which economic system a society imploys depends on:

Back 1

that socities goals and values.

Front 2

The three key economic Questions are:
(*IMPORTANT*)

Back 2

1) What goods and services should be produced?
2) How Goods and serrvices should be produced?
3) Who consumes goods and services?

Front 3

Becuase of limited resources, each production decision that societies make create:

Back 3

an oportunity cost.

Front 4

Factors of Produciton (LLC) can be used

Back 4

in diffrent ways.

Front 5

Who consumes goods and services is answered:

Back 5

by how socities chooose to distribute income.

Front 6

Some socities pursue each of these goals to some degree:

Back 6

at the expense of others.

Front 7

Economic Efficency entitiles

Back 7

that socities will try to maximize wgat they can get for the resources that they have to work with.

Front 8

Generally people all over the world face limitations on

Back 8

Economic Freedom

Front 9

ECONOMIC GOALS.

Back 9

Economic Effeciency, Economic Security and Predictability, Economic Equity, Economic Growth and inovation. Other Goals.

Front 10

Economic Efficency-

Back 10

Making the most of the resources.

Front 11

Economic Freedom

Back 11

Freedom from the government intervention in the production and distribution of goods and services.

Front 12

Economic Security and Predictability

Back 12

Assurance that G&S will be available, payments will be made on time, and the saftey net will protect individuals in economic distaster.

Front 13

Economic Equity

Back 13

Fair distribution of the wealth.

Front 14

Economic Growth and inovation.

Back 14

Innovation leads to economic Growth, and economic growth leads to a higher standard of living.

Front 15

Other Goals

Back 15

Socities pursue other goals, such as enviormental protection.

Front 16

DIFFRENT ECONOMIE SYSTEMS

Back 16

MIXED ECONOMIES, TRADITIONAL ECONOMIES, MAKET ECONOMIES, AND Command economies.

Front 17

Traditional Economies

Back 17

Work is often divided among genderlines, Little room for change, small, close, Lack modern conveninces, slow to adopt new technology and radical ideas.

Front 18

Market Economices

Back 18

AKA Free maket,/ Capitalisim.
CHOICES ARE MADE BY INDIVIDUALS THAT DEERMINE WHAT GETS MADE, AND HOW AND AS WHO CONSUMES THE GOODS AND SERVICES PRODUCED. NO GOVERNEMENT INVOLVEMENT.

Front 19

COMMAND ECONOMIES

Back 19

Central government decides how to answer the 3 questions, and aka centrally planned economies.

Front 20

Mixed Economies

Back 20

Most Modern economies are ones conmsiting of mixed economies. Maket based, limited governemnt involvement.