Economics Chapter 2 & 3

Income that is earned when an individual sells or rents a factor of production he or she owns

The movement from curve 1 to curve 2 indicates:

Becoming a vegetarian is...

An economic system in which both the govt and individuals play important roles in production

What did the buffalo say when his kid went off to college?

Type of Capital:  College Education

Free-market system in which individual investors grow wealthy by investing in capital

When money enters the circular flow diagram (from outside) this is called a(n)

Society's way of coordinating the production and consumption of goods and services

A measure of the efficiency with which goods and services are produced.

The willingness and ability to take the risks involved in starting and managing business

China

Physical articles produced for sale or use. Some examples are food, clothing, and cars. 

Which of these items measures productivity?

Government Taxes

The PPF shifts outward for which of the following reasons?

Exports

What did one ocean say to the other?

Circular Flow:  What households take to the factors market

Circular Flow:  The flow of money from the firms to the factors market

Circular Flow Diagram:  The flow of money from households to the market for goods and services

Circular Flow:  The flow of money from the goods and services market to the firms

Economic system in which production & consumption decisions are based on how its always been

What did the llama say when he heard he won a trip to Jamaica?

The resources used to produce goods and services

Circular Flow Diagram:  Which of the following is NOT on the BASIC circular flow diagram?

Circular Flow:  The flow of money from the factors market to the households

The tools, machines, & buildings used to produce good and services:

Personal Savings

Type of Capital:  Experience

Native American Tribes

North Korea

Canada

Type of Captial:  Robots

Which of the following is NOT one of the 3 main factors of production?

Social Welfare

Political/economic system that calls for property to be owned by society for the benefit of all

A simple model of the economy that shows the combinations of two goods that can be produced 

Bank Loans

What are the two types of Capital resources?

Work done by someone else for which consumers are willing to pay.  

An economic system in which all economic decisions are left to individual producers & consumers

Productivity =

The value of the next best alternative that is given up when making a choice?

Economists consider ____ as a fourth factor of production:

What did the tie say to the hat?

If you could just rehydrate raisins... 

This girl said I knew her from the vegetarian club.  But...

An economic system in which production and consumption decisions are made by a powerful ruler

Type of Capital:  Screwdriver

Interest and Dividends from banks

Need an ark?

Imports

Which of the following is NOT part of the expanded circular flow diagram?

Production possibilities frontiers show the ___ facing an economy that ___ only two goods.

The U.S.

Points X and Y represent (assume curve 2 does not exist):

Point Z represents:

When money leaves the circular flow diagram this is called a(n)

Type of Capital:  On the job training

Why was the jack-o-lantern sad?

The Amish Community

Points X and Y represent in relation to curve 2: