Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Steady-state economy wikipedia , lookup
History of economic thought wikipedia , lookup
Economics of digitization wikipedia , lookup
Icarus paradox wikipedia , lookup
Criticisms of the labour theory of value wikipedia , lookup
Production for use wikipedia , lookup
Ancient economic thought wikipedia , lookup
Economic calculation problem wikipedia , lookup
UNIT 1: FUNDAMENTAL ECONOMICS How are economic choices influenced by complex interactions of market conditions and individual priorities? How does scarcity cost people when making choices? Why is it important to allocate our scarce productive resources wisely? Why is the PPC important in the interpretation of costs and benefits? What role does the government have in the various economic systems? Why are certain goals important for the different systems? Production Possibilities Curve Scarcity Factors of Production Private ownership Trade-off Wants v. needs Land Consumer sovereignty Marginal Cost Opportunity cost Labor Command (communism) Marginal Benefit Rational decisions Capital Market Incentive Entrepreneurship Mixed (Capitalism) Efficiency How does specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties? Public goods Standard of living Specialization Specialization Division of labor Non-fraudulent/voluntary exchange Productivity Product market Resource market Barter How does the circular flow model illustrate the flow of money, products, and resources through the economy? Medium of exchange H F