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Economics, Unit 1

Economic Decision-making and Economic Systems

QuestionAnswer
The basic problem in economics scarcity
scarcity unlimited wants/limited resources
Three basic questions of economics 1)What will be produced, 2)How will it be produced, 3)Who will consume it
Define Opportunity Costs The cost of what you give up for using the resource later.
How is opportunity cost measured? measured on the production/possibility curve (ppc)
Guns and butter example of Production/Possibility Curve
Production/Possibility Curve PPC
PPC measurement of opportunity cost
Example of PPC Spend limited resources on military: guns, or on civilian use: butter
Factors of production Land, Labor, Capital
Land all naturally occurring resources
Labor what humans do and get paid for
Capital human made resources
Example of factors of production Cotton + working people = T shirt
Characteristics of an entrepreneur an organizer of the factors of production and a risk
Organizer and risk taker characteristics of an entrepreneur
Four types of Economic Systems Traditional, Market, Mixed, Combined
Traditional doing things the way it has always been done
Market three questions answered: what, how, who
Mixed a combination of marketplace and government
Command government answers the three questions
Adam Smith proponent of the Market system
John Maynard Keynes proponent of the Mixed system
Karl Marx proponent of the Command system
Tribal traditional system
Capitalism Adam Smith
Socialism John Maynard Keynes
Communism Karl Marx
Basis of the structure of a market economy the invisible hand as described by Adam Smith.
“The Hand” of a market economy Competition
Competition I will sell/pay/buy at the lowest or highest price because if I don’t, you will.
“Hands off” laisse faire
lassie faire the government should keep its hands off the economy
Who wrote Wealth of Nations? Adam Smith
TANSTAFL there ain’t no such thing as a free lunch= scarcity vs. opportunity cost.
there ain’t no such thing as a free lunch scarcity vs. opportunity cost
Created by: sautub
 

 



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