Spalding Academy 10th Econ 2012
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| To be able to make something using ewer resources than other producers require | absolute advantage
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| The worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output | Law of comparable advantage
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| The set of mechanisms and institutions that resolve the what, how and for whom questions for an economy | Economic system
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| Sorting the production process into separate tasks to be carried out by separate workers | Division of labor
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| 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)
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| Producing the maximum possible output from available resources | Efficiency
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| Occurs when individual workers focus on single tasks, enabling each one to be more efficient and productive | Specialization
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| 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
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| Economic systems that mix central planning with competitive markets | Mixed economy
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| Economic system shaped largely by religion or custom | Traditional economy
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| Economic system in the process of shifting from central planning to competitive markets | Transition economy
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| Each additional increment of 1 good requires the economy to give up successively larger increments of the other good | Law of Increasing Opportunity Cost
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| Describes the US economic system, where markets play a relatively large role | Market economy
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| 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
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| Anything that everyone is willing to accept in exchange for goods and services | Money
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| An expansion in the economy’s production possibilities or ability to produce | Economic growth
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| An economic system with no government involvement so private firms account for all production | Pure market economy
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| 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
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| A system of exchange in which products are traded directly for other products | Barter
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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