Econ 1-3 Student Notes - Econ Systems & Macroeconomics

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STANDARD:
E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, efficiency, productivity, and growth.
GE.8.2 Compare and contrast the arguments for and against free trade.
E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E)
E.1.2 Identify incentives and explain how they influence economic behavior and decision-making.

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Lance Hiles

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Econ 1-3 Student Notes - Econ Systems & Macroeconomics


Econ 1-3 Student Notes - Econ Systems & MacroeconomicsOnline version STANDARD: E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, efficiency, productivity, and growth. GE.8.2 Compare and contrast the arguments for and against free trade. E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E) E.1.2 Identify incentives and explain how they influence economic behavior and decision-making. by Lance Hiles A B C D E F G I L N O P R S T U V W X Y Contains A So is communism or capitalism right? How much do we mix the government & economy? The answer is dependent upon your ____ ____ . Do you believe the state should give food stamps to the poor, or should we make people work to earn a living? Contains B Economic theories seem great in the abstract, but when they're kicked out into the real world and have to govern the affairs of billions of people, it turns out that ____ is a very important thing. Contains C The households need to pay for those goods and services, but where do they get the money? The households earn the money by selling their____ , like labor, to businesses. This is done in the [same] market. Contains D Communism & socialism both practice economic planning, where the government decides what to produce, how to produce it, and who gets it. When the economy is completely controlled by the government, it is called a _____ economy. Contains E In ____ ____ economies, businesses make things like cars, not to do good for mankind but because they want to make a profit. Consumers get to choose the car, so producers need to make a car with the right features at the right price. Starts with F Market economies and planned economies are two types of economic systems. The difference between them involves who owns and controls the ____ of ____ . Starts with G Private property does not exist in a planned economy, like communism, because the ____ owns everything, including the factors of production. Whereas socialism does allow for some ownership of land by individuals. Starts with I Capitalist & free market economies allow _____ to buy and sell the factors of production. This is the oppose of a command economy, because the federal government makes no economic decisions. Contains L Governments must do a bunch of things, because free markets won't do them. For one, we need ____ ____ , because products can't get to consumers if bridges fall down, & consumers can't make choices if they're not educated. Contains N Cooks, plumbers, and mechanics are not acting out of kindness when they go to work. Conversely, these people are looking out for their ____ ____ , which allows everyone else to have food & shelter. Adams Smith said this. Contains O We cannot end poverty or provide healthcare for everyone, so we're gonna have to make choices and give something up. There is always an opportunity cost, and deciding if it's worth it is up to you and your ____ ____ . Starts with P If a phone manufacturer makes a phone no one wants, that business closes. But a phone manufacturer that makes a popular phone will make more ____ , which gives the manufacturer a reason to keep making this phone. Starts with R The Federal Government tells manufacturers how to make the exhaust for your van, & they tell owners how many hours they can work their employees. These are examples of when the government ____ production. Starts with S Public ownership of industry, as well as private ownership of property, are both permitted in a _____ economic system. Because in reality, no nation ever practices pure communism; there were always classes, just not separated by wealth. Contains T Businesses and individuals make up economies today. Individuals provide labor in the resource market, & businesses provide goods and services in the ____ market. Contains U China, Cuba, and the former Soviet Union practices _____ , which is a classless society. Classless is talking about a social order where everyone owns the factors of production, and output is distributed equally. No rich or poor. Contains V The invisible hand of the free market is the idea that individuals and businesses meet society's needs when they seek their own self-interest. ____ markets with profit-seeking businesses will produce high-quality products as efficiently as possible. Contains W A mixed economy is most common today because they are more flexible & can incorporate the ____ ____ of goods & resources. This lack of flexibility is a flaw in strictly command or free market economies. Contains X Between command economies and free market economies, we have the rest of the world. Most modern economies are actually ____ economies with both free markets and government intervention. Contains Y An ____ ____ answers 3 questions: 1) what do you want to make? 2) how do you make it? 3) who's going to receive it?

Econ 1-3 Student Notes - Econ Systems & Macroeconomics

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Econ 1-3 Student Notes - Econ Systems & MacroeconomicsOnline version

by Lance Hiles

Contains A

So is communism or capitalism right? How much do we mix the government & economy? The answer is dependent upon your ____ ____ . Do you believe the state should give food stamps to the poor, or should we make people work to earn a living?

Contains B

Economic theories seem great in the abstract, but when they're kicked out into the real world and have to govern the affairs of billions of people, it turns out that ____ is a very important thing.

Contains C

The households need to pay for those goods and services, but where do they get the money? The households earn the money by selling their____ , like labor, to businesses. This is done in the [same] market.

Contains D

Communism & socialism both practice economic planning, where the government decides what to produce, how to produce it, and who gets it. When the economy is completely controlled by the government, it is called a _____ economy.

Contains E

In ____ ____ economies, businesses make things like cars, not to do good for mankind but because they want to make a profit. Consumers get to choose the car, so producers need to make a car with the right features at the right price.

Starts with F

Market economies and planned economies are two types of economic systems. The difference between them involves who owns and controls the ____ of ____ .

Starts with G

Private property does not exist in a planned economy, like communism, because the ____ owns everything, including the factors of production. Whereas socialism does allow for some ownership of land by individuals.

Starts with I

Capitalist & free market economies allow _____ to buy and sell the factors of production. This is the oppose of a command economy, because the federal government makes no economic decisions.

Contains L

Governments must do a bunch of things, because free markets won't do them. For one, we need ____ ____ , because products can't get to consumers if bridges fall down, & consumers can't make choices if they're not educated.

Contains N

Cooks, plumbers, and mechanics are not acting out of kindness when they go to work. Conversely, these people are looking out for their ____ ____ , which allows everyone else to have food & shelter. Adams Smith said this.

Contains O

We cannot end poverty or provide healthcare for everyone, so we're gonna have to make choices and give something up. There is always an opportunity cost, and deciding if it's worth it is up to you and your ____ ____ .

Starts with P

If a phone manufacturer makes a phone no one wants, that business closes. But a phone manufacturer that makes a popular phone will make more ____ , which gives the manufacturer a reason to keep making this phone.

Starts with R

The Federal Government tells manufacturers how to make the exhaust for your van, & they tell owners how many hours they can work their employees. These are examples of when the government ____ production.

Starts with S

Public ownership of industry, as well as private ownership of property, are both permitted in a _____ economic system. Because in reality, no nation ever practices pure communism; there were always classes, just not separated by wealth.

Contains T

Businesses and individuals make up economies today. Individuals provide labor in the resource market, & businesses provide goods and services in the ____ market.

Contains U

China, Cuba, and the former Soviet Union practices _____ , which is a classless society. Classless is talking about a social order where everyone owns the factors of production, and output is distributed equally. No rich or poor.

Contains V

The invisible hand of the free market is the idea that individuals and businesses meet society's needs when they seek their own self-interest. ____ markets with profit-seeking businesses will produce high-quality products as efficiently as possible.

Contains W

A mixed economy is most common today because they are more flexible & can incorporate the ____ ____ of goods & resources. This lack of flexibility is a flaw in strictly command or free market economies.

Contains X

Between command economies and free market economies, we have the rest of the world. Most modern economies are actually ____ economies with both free markets and government intervention.

Contains Y

An ____ ____ answers 3 questions: 1) what do you want to make? 2) how do you make it? 3) who's going to receive it?

So is communism or capitalism right? How much do we mix the government & economy? The answer is dependent upon your . Do you believe the state should give food stamps to the poor, or should we make people work to earn a living?

In economies, businesses make things like cars, not to do good for mankind but because they want to make a profit. Consumers get to choose the car, so producers need to make a car with the right features at the right price.

Market economies and planned economies are two types of economic systems. The difference between them involves who owns and controls the of .

Governments must do a bunch of things, because free markets won't do them. For one, we need , because products can't get to consumers if bridges fall down, & consumers can't make choices if they're not educated.

Cooks, plumbers, and mechanics are not acting out of kindness when they go to work. Conversely, these people are looking out for their , which allows everyone else to have food & shelter. Adams Smith said this.

We cannot end poverty or provide healthcare for everyone, so we're gonna have to make choices and give something up. There is always an opportunity cost, and deciding if it's worth it is up to you and your .

A mixed economy is most common today because they are more flexible & can incorporate the of goods & resources. This lack of flexibility is a flaw in strictly command or free market economies.

An answers 3 questions: 1) what do you want to make? 2) how do you make it? 3) who's going to receive it?