1. Economic Systems Economic Goals The PPFFree Market Economy Miscellaneo us 100 200 300 400 500

2. Economic Systems Economic Goals The PPFFree Market Economy Miscellaneo us What are the three economic questions Which economic goal does making the most of resources meet. What does PPF stand for Define MarketWhat are the components of a product market Name the four factors of production What goal does fair distribution of wealth satisfy? Define opportunity cost Who owns the factors of production in a free market economy What is the basic economic problem In a command economy, who owns the factors of production? The chicken pox vaccine is an example of which economic goal? If a point falls inside the curve, what does that mean for production? What makes up the factor market? Name the book written by Adam Smith List all three major mixed economies Limited government involvement satisfies which economic goal? List the three constant variables when determining the PPF What are the two driving components of a Market Economy What type of economy does the United States have? What type of Economic System does Sweden have? What is the goal of economic growth and innovation? How do you calculate opportunity cost per unit What does “laissez faire” mean in English What are the six features a American free enterprise?

3. Economic Systems Economic Goals The PPFFree Market Economy Miscellaneo us What to produce? How to produce it? From whom to produce it for? Economic EfficiencyProduction Possibilities Frontier An agreement that allows buyers and sellers to exchange things Goods and services Natural resources, capital resources, labor, entrepreneurship Economic equalityThe value of the next best thing forgone The individualsscarity The governmentEconomic growth and innovations Inefficient use of resources Factors of productionWealth of Nations Authoritarian Socialism, Democratic Socialism, Capitalism Economic freedomOnly two products in the market, all goods produced are consumed, resources and tech. held constant Self-interest and competition Capitalist economy Democratic SocialismIncreasing the standard of living Units of good/services forgone over units of goods/services produced Let them do as they please Economic freedon, competition, private property, contracts, self-interest, voluntary exchange, profit motive