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Ch 2 Econ Systems

Spalding Academy 10th Econ 2012

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
Created by: rejoyce431