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Ch 2 Econ Systems
Spalding Academy 10th Econ 2012
| Question | Answer |
|---|---|
| To be able to make something using ewer resources than other producers require | absolute advantage |
| The worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output | Law of comparable advantage |
| The set of mechanisms and institutions that resolve the what, how and for whom questions for an economy | Economic system |
| Sorting the production process into separate tasks to be carried out by separate workers | Division of labor |
| Shows the possible combinations of the 2 types of goods that can be produced when available resources are employed fully and efficiently | Productions Possibilities Frontier (PPF) |
| Producing the maximum possible output from available resources | Efficiency |
| Occurs when individual workers focus on single tasks, enabling each one to be more efficient and productive | Specialization |
| You've moved to a country w/ a pure centrally planned econ. You've taken a job as a restaurant cook. Identify/explain several reasons why you might be less conscientious in your work than you would be if you held a similar job in a pure market economy. | Answers may vary |
| Economic systems that mix central planning with competitive markets | Mixed economy |
| Economic system shaped largely by religion or custom | Traditional economy |
| Economic system in the process of shifting from central planning to competitive markets | Transition economy |
| Each additional increment of 1 good requires the economy to give up successively larger increments of the other good | Law of Increasing Opportunity Cost |
| Describes the US economic system, where markets play a relatively large role | Market economy |
| Families produced most of the goods and services they consumed for themselves. Today, people specialize in only a few types of production and trade their labor for goods and services. How has this impacted the way most people in the US lived? | Answers may vary |
| Anything that everyone is willing to accept in exchange for goods and services | Money |
| An expansion in the economy’s production possibilities or ability to produce | Economic growth |
| An economic system with no government involvement so private firms account for all production | Pure market economy |
| An economic system in which all resources are gov’t-owned and production is coordinated by the central plans of gov’t | Pure centrally planned economy |
| A system of exchange in which products are traded directly for other products | Barter |
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