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21 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Basic Economics definition |
the study of scarcity within businesses and households |
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Allocation Methods |
Auction, Sharing, Authority, Personal Characteristics, First-Come First-Serve |
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What does the Production Possibilities Curve analyze? |
All of the options a country can produce of two items and their opportunity cost |
Production- Outcome Possibilities- Options Curve- Graph |
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Operating below the PPC curve |
Underutilization |
Due to war or lack of resources |
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Ways to increase production |
Investing in new technology, education, or resources |
Buying things to make production better/faster |
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Example of Rational Decision |
Buying a car with better gas mileage because you live out of town |
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Give a real life example that utilizes specialization |
Pediatricians specialize in kids medical care, etc. |
Like Florida is known for producing Oranges |
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3 Characteristics of a Command Economy |
No private property, no competition, government is in control |
Not ruled by the people |
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3 Characteristics of a Market Economy |
Private property, competition, decisions made my households and businesses |
No government control |
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Social Goals and associated economys |
Freedom(choices)- Market & Mixed Security(safety net)- Command & Mixed Growth Equity of Outcome- Command & Mixed Equity of Opportunity- Market & Mixed Efficiency Stability |
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3 things a government does in a Market Economy |
Resolve market failures Provide public goods & services (military) Protect private property |
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Redistribution of Income |
Taking money from taxes and spending it on education, military, etc. |
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Examples of Government regulation |
Regulation of food Regulations on the roadways |
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How can investment in technology and capital increase economic growth? |
Technology makes production easier and faster. |
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How can investment in education increase standards of living? |
The education betters skills that can be used to make money through labor. |
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How has money transformed the way we do things? |
Money makes it easier to make exchanges |
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Draw a circular flow chart and label everything |
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Notes |
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3 things that cause demand to change |
Notes |
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Prince Elasticity and examples |
Notes |
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Price In elasticity and examples |
Notes |
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