Crash Course Economics 2 and 3

The father of Communism/Command economics: NO PRIVATE OWNERSHIP: Totalitarian Government.

Economic system, combines elements of both market and command economies.

Different combinations of two possible outputs that a given amount of resources can produce.

Situation in which a business or nation bases its economics on a single product/commodity.

How do people choose their economic style/type?

Business owners serve interest of society, at the same time serves their own self-interests.

Economy where the government decides ALL, what, how and for whom products will be produced.

What caused significant quality of life upgrades?

Capitalist system of economy in which the factors of supply and demand, as well as competition.

What are some problems with international trade?(More than one answer)

What are the 3 MAJOR questions a culture MUST answer?

What was Adam Smith's view of Self-sufficiency?

What two economic systems are polar opposites?

What is a good aspect of Free Market economics?

Value of what a person gives up in making a choice, such as, time, money, goods, and services.

Why is trade beneficial?

A policy by which the government minimizes its regulation of industry and the economy.

What is a benefit of a command economy(ON PAPER)?

Father of Capitalism and Laissez faire (Hands Off) government involvement in Business.

The process by which money travels through the economy. Consumers/businesses/Government