Intro to Econ Review

Actions/Activities performed for another

Political Theory where Individuals where wealth is redistributed commonly through democractic means.

Mystical Money Man who will help YOU build wealth

Best Star Wars Movie

That are relatively

In a free market economy there is freedom from government intervention

Political Theory where Individuals make the decisions with the factors of production. Known as the 'Free Market'

The Grill at McDonalds

Through

Regulating force in the free market

Growth happens as a result of innovation or if more resources become available

Old School economies based on traditions and habits

Something essential for survival

Which is most likely to be a millionaire? (3rd Hour)

Which one is most likely to be a millionaire? (1st Hour)

Wheat

North Korea

In a centrally planned economy, the government owns the land and the capital

Personal Vehicle

Is something we desire but is not necessary for survival

Motivating force in the free market

That studies how man obtains his

Father of Communism

The United States operates in the Free Market Economy

The method used by a society to produce and distribute goods and services

People making your products

consumers drive the decisions of business to provide goods and services

Concentration of the productive efforts of individuals and businesses on a limited number of activities

Father of Capitalism

The opportunity cost is the least desirable thing given up to make a decision

Health Care

Economics is a

Happens without a central plan (Adam Smith)

Vietnam in 1829

The natural resources

USA

Political Theory where the government forces the redistribution of wealth

Ultimately, the question when making an Economic decision should be "can we afford it?"

Laiseez Faire is the doctrine that the lazy get what they need from the government

Air Conditioning

Government controls it all