Economics Final

Front

Societies must decide on what goods and services to produce to satisfy the needs and wants of the people

Back

What goods and services to produce?

Front

Governments have to decide how much labor, resources, and time should be spent on a product. This varies with each type of government and how closely they watch the people that produce goods and services. How should goods and services be produced?

Back

How should goods and services be produced?

Front

Society decides on what is used, based on the needs of the people. The more power to the market, the greater number of social classes, the less power to the market the less number of social classes. Who consumes goods and services?

Back

Who consumes goods and services?

Front

Basically companies look at credit to see what kind of risk you are, how much they are going to charge you for a loan and how much money you are going to make them. This describes?

Back

Credit Worthiness

Front

_______________ is "the welfare or well-being of the general public" and society. Government shows this by making laws regarding pollution, taxes, unsafe food and medicine, etc.

Back

Public Interest

Front

Jobs such as Police, Firefighters, Public School teachers, government officials, etc. are considered the workforce where?

Back

Public Sector

Front

_____________________ is a government authority that is responsible for exercising autonomous dominion over some area of human activity in a licensing and regulating capacity.

Back

Regulatory Agency

Front

These are the balance between businesses, households, and scarce resources that make up how we use each section of the economy-allowing for trade to occur. Why were economic markets created?

Back

Economic markets were created to facilitate trade by balancing the interactions between businesses, households, and scarce resources.

Front

How are economic goals affected by societal goals?

Back

Societies/Governments must decide on how to allocate resources, reduce waste, provide for the greatest population and are the most efficient. How each of these factors is decided affects which type of economic system is created.

Front

Government does not get directly involved in private businesses for the most part- but does place limits on actions for public interest. Government wants to protect the consumer. Answers which of the following questions: What is the purpose of regulatory agencies? What type of actions are taken by the public sector? How are economic goals affected by societal goals? Why were economic systems created?

Back

What type of actions are taken by the public sector?