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Economics 2

QuestionAnswer
Specialization Division of labor makes each worker more productive since they can each focus on the thing they do best. Without specialization, if you want something, you have to make it yourself.
Trade With trade, each person can end up with more products than if they'd tried to make them on their own
What is the Production Possibilities Frontier (or PPF) Graph? It shows the different combinations of two goods being produced using all resources efficiently.
Specialization and Trade allows for: People to produce one thing and trade for other things needed so one person does not have to make everything
Any combination of production of goods INSIDE the curve is... Ineficient
Any combination of production of goods ON the curve is... Efficient
Any combination of production of goods OUTSIDE the curve is... Impossible
What does Scarcity force a nation to do? It forces nations to make economic choices and answer those three basic questions.
Economic System: Market Economy Market economy- no government and involvement in economic decisions, individuals and companies own the means of production and business compete for consumers, government lets market answer 3 basic questions, but government regulates production.
Economic System: Planned Economy The government makes economic decisions, controls the factors of production and answers the three basic questions. Ex.) North Korea
Free Market/Capitalism Economies Individuals own the factors of production, government adopts a "hands-off" approach, motivation to work and make money, government takes care of those who can't take care of themselves. Ex.) US, Japan
Communism People are assigned jobs, Government determines education, housing is assigned by need. "The abolition of private property where there is a true classless society." Ex.) Cuba, China, North Korea
Socialism Government runs key industries but not all, free healthcare and education, which means higher taxes, on it's way to communism but still has some democratic policies. Ex.) Canada, Germany, Sweden
Economic System: Traditional Cultural or religious practices and ideals passed through generations answer the basic questions or what, how, and for whom in this type of economy.
Example of a Mixed system US, but we lean more towards Market Systems
Japan has what type of economic system? Free Market
North Korea has what type of economic system? Planned
Created by: battertonr
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