2.2 Visionaries of Economics Notes

Match

Match the economic systems to its characteristics or meaning.

• Command economy

• Mixed economy

• Traditional economy

• Free Market

Centrally owned by the government

Public and private sectors

Customs, family, and historical basis

Private sector, profit, and minimal gov.

• Centrally owned by the government

• Public and private sectors

• Customs, family, and historical basis

• Private sector, profit, and minimal gov.

Multiple Choice

Why is it important to study the ideas of visionaries in economics?

• Because their ideas shape economic policies and societies

• Because economics is only about numbers

• Because visionaries are always correct

• Because economics does not change over time

Multiple Select

Which of the following statements about Adam Smith's beliefs is/are correct?

• He believed free enterprise is the most ethical economic system.

• He argued that self-interest leads to benefiting others.

• He thought people must serve others to serve themselves.

• He supported government planning of the economy.

Fill in the Blanks

According to Karl Marx, the value of produced goods comes from

.

Open Ended

Compare and contrast the views of Adam Smith and Karl Marx on self-interest and its impact on society.

Open Ended

After learning about Adam Smith, Karl Marx, and Friedrich Hayek, do you have any questions or would you like to know more about any of their economic visions?

Match

EXIT TICKET: Match the following

• an economic problem of humans having limited resources while

  also having unlimited needs and wants

• a social science

  that studies how people, acting individually and in groups, decide to use

  scarce resources to satisfy their wants.

• Behind each choice, there is an alternative choice that could have

  been made. The value of that second-best option.

• rewards or penalties that influence an individual to make or avoid a specific choice.

Scarcity

Economics

Opportunity Cost

Incentives

• Scarcity

• Economics

• Opportunity Cost

• Incentives