Economics Review Ch 1 3 Jeopardy Template

Economic Systems	Government and Free Enterprise	Scarcity and PPC curves	Factors of Production	Misc.
100 Command economy (Centrally planned economy) Government officials making decisions on the distribution of goods and services is a characteristic of which kind of economic system	100 A person who enjoys the benefit of a good or service but does not pay for it. What is a free rider?	100 Using resources to produce the maximum amount of goods and services What is efficiency?	100 Land, labor, capital, entrepreneurship Name the four factors of production	100 Classes According to Karl Marx, history is a struggle between _________.
200 Traditional economy This type of economic system has set economic roles based on gender.	200 A government program that protects citizens from economic hardship Define: Public safety net	200 On the inside/ under the PPC curve Points on a PPC curve indicated that resources are not being fully employed are located...	200 Human capital A college degree and job training are examples of __________.	200 Factor An individual purchasing a new car is participating in the __________ market. (Circular flow model)
300 The government does not interfere with the economy Define: Laissez Faire	300 Taxes Public goods are funded by _____________.	300 Economizing Making decisions according to what you believe is the best combination of costs and benefits is known as _____.	300 Labor All human effort used to produce a good or service is called ___________.	300 Both the producer and the consumer With voluntary exchange, who benefits from market transactions?
400 Market economy One disadvantage of a __________ system is the possibility of unequal distribution of income.	400 Nothing What does the recipient of a transfer payment do in exchange of recieving the payment?	400 What will be produced? How will it be produced? For whom will it be produced? What are the three economic questions?	400 Wood, water, wildlife, oil, etc. Varied answers. Name a resrouce that is part of "land". (Other than land itself)	400 Property Everything an individual owns and the labor he/she provides is also known as _____________.
500 A mixed economy has elements of traditional, command, and market economies blended together. What is a mixed economy?	500 Public ownership to private ownership When a nation's economy privatizes, it changes from __________ ownership to ________ ownership.	500 Addition or loss of resources, more or less efficient use of resources. What factors may change a PPC curve?	500 Entrepreneurship Vision, skill, ingenuity, and willingness to take risks are all part of _______.	500 The satisfaction gained from using one more unit of a good or service Define: Marginal benefit

Economics Review Ch. 1-3

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