Economics Review

Front

What is one way that people benefit from an economy that moves away from a command economy and more toward a market economy?

Back

Individual Freedom for everyone

Front

What is a catalyst in a free enterprise system?

Back

Entrepreneur

Front

How could demand-side policies increase people's dependence on government?

Back

They will lose their interest in their own skills and lose their initiative.

Front

Fixed cost

Back

Costs of production that do not change when output changes.

Front

Total cost

Back

Sum of variable cost plus fixed cost; all costs associated with production.

Front

Variable cost

Back

Production cost that varies as output changes; labor, energy, raw materials.

Front

Stockholders

Back

People who own a share or shares of stock in a corporation; same as shareholders.

Front

Who is a catalyst in a free enterprise system?

Back

the sparkplug

Front

How does our free enterprise system encourage competition?

Back

Businesses and entrepreneurs have the freedom to produce any product

Front

What alternate exists to the price system?

Back

Rationing