Econ unit 1A

Who's Adam Smith?

• Scotish social philosopher

• pioneer of classical economics

• wrote The Wealth Of Nations

• All of the above

Define Economics

• satisfying needs and wants by making choices

• stock market

• Land Labor Capital

• Leonardo Dicaprio

True or False: Wants are finite

• True

• False

oppurtunity cost

• national economic system

• the next best alternative option

• a natural disaster

• Danny Devitio

PPC

• Cheif Keef

• people plant corn

• Production possibilities curve

• pillows pick cherries

effeciency

• using resources in a way to maximize production

• getting gas and a soda in one stop

• using fewer resources then capable of

underutilization

• increase in resources make economy grow

• leaving leftovers

• using fewer resources then capable of

shifting curve

• increase in resources make economy grow

• using fewer resources then capable of

• watching TV instead of doing homework

• things for survival

economic effeciency

• maximizing output of goods and services from the resources available

• dividing resources in a way that is considered fair

• encouraging the development of new ideas

which is not a type of economic system

• traditional economy

• market economy

• stock economy

• mixed economics