What is a command economy?

Economics is the study of how ______________, _________________, and ___________________ use their scarce or limited resources.

What are the 4 factors of production?

What is specialization?

What are the types of economics systems?

What is a mixed economic system?

Russia after World War II was which type of government?

Tools and machines, a person or a business uses to produce goods and services is called _________?

A _____________________ buys and use goods and services.

When people make and distribute goods as their ancestors did, what type of economic system is it?

In a pure market system, who controls production?

When a central authority has control over the production and consumption decisions in an economy is called ____________?

Ability of individuals and businesses in an economy to buy, sell, and hold property as they wish without fear of government interference or seizure.

WHAT IS LABOR?

WHAT ARE THE 4 FACTORS OF PRODUCTION?

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

Which of the factors of production is this?

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

Which factor of production is this?

Machinery

Iron Ore

Businesses provide government with...

In terms of resources, what do households provide for businesses?

What are the four main parts of the circular flow diagram?

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

Where do factors of production (land, labor, etc) come from in the circular flow model?

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?

Money exchanged between an individual and a store for a good or service.

Public sector is

When the demand curve shifts to the left, this suggests demand has

When the demand curve has shifted to the right, this suggests demand has

When price increases, quantity demanded

What determines the prices of goods and services?

What exists when quantity supplied is greater than quantity demanded?

A market is said to be in equilibrium when

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

Defined as: the performance of a duty or work for another person

Defined as: the act, process or business of buying, selling or exchanging goods and services

What does this curve represent?

What does this curve represent?

A place where buyers and sellers of a particular good or service interact

What kind of business is BEST described by these statements?

I am the only owner of my business.

I take all the risks of doing business.

I keep all the profits.

Which of the following industries is an example of a monopoly?

In a Perfect Competition, products are basically..

The economic problem is that

These are the things we desire to have.

When "wants are greater than the resources available to satisfy them," it is called...

Adam Smith encourages a market economy to limit the role of the government, because when the government interferes in the economy there is a negative impact on

Adam Smith describes the benefits to all through our selfish or self-interested actions. He calls it

What kind of monopoly does the granting of patents encourage?

Which piece of legislation outlawed price discrimination?

How does the government break up and prevent monopolies?

Market Economy

Traditional Economy

Command Economy

Examples of Command Economy

Examples of Market Economy

Scarcity

economy

Examples of Traditional Economy, more than one correct

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

People use the resources they have to make only what they need to survive.

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?

Which economic system are all resources privately owned and the producers and consumers answer the three economic questions?

Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?

A country that has aspects of a market economy plus a command economy is called a

A tax on imports

any activity which slows or outright blocks the free exchange of goods and services

"Free Market" and "Capitalism" are two other names for what economic system?

Economic equity is the ________ with which an economy distributes its resources and wealth.

Economies try to answer these fundamental economic questions:

In a ___________ economy, decisions about production and consumption are made by the government.

_____________ equity involves the fair and just distribution of society's wealth?

A _________ economy is an economic system in which economic decisions are left up to individual producers and consumers.

An economic system in which both the government and individuals play important roles in production and consumption is a ____________ economy.

Economic _____________ is the ability to make our own economic decisions without interference from the government.

The highest goals of a market economy are economic freedom and ___________.

The United States is an example of which type of economic system?

In a free market economy, who owns the factors of production?

Who owns the factors of production in a command economy?

Innovation plays a large role in advancing an economy toward which economic goal?

One way in which government protects business property is to provide

Why does government set and collect taxes?

Which of the following is a public good that is provided by government:

Government tries to protect competition by

Which economic system does the goals of freedom, growth, efficiency, and sustainability belong to?

Which economic system does the goals of equity, security, full employment, and stability belong to?

Select all that apply. What are the three basic economic questions?

It is when customs dictate the economy

It is when the government dictate the economy

It is when individuals in the market dictate the economy

One of the advantages of a traditional economy

One advantage of command economy

Select all that apply. Disadvantages of a command economy

role of government in mixed economy

A mixed economy combines the best parts of which other economies? ^{This question has two correct answers.}

This characteristic of a mixed economy states that the vast majority of labor, resources, and capital goods are owned by individuals rather than by the government.

This characteristic of a mixed economy states that business owners, consumers and workers are free to make choices that best fit their needs and interests.

This characteristic states that the Invisible Hand is the driving force of a Mixed Economy.

This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.

The inspector from the health department visited your restaurant to ensure that your practices and the food you serve is safe.

Which characteristic of a Mixed Economy does this describe?

Archibald always purchased his groceries at Walmart Aldi opened a new store. A natural rivalry has been created and Archibald now has a choice as to where he buys groceries.

Which characteristic of a Mixed economy does this describe?

Stephanie was happy with her job but one day, she heard about a job that would pay her more, give her more vacation, and better insurance. Because she always wants to improve her situation, Stephanie applied for the job.

Which characteristic of a mixed economy does this describe?

Elizabeth owns a large swath of farmland in Nebraska on which she grows corn, wheat, and soybeans. The Federal government approached her to inquire if she would be willing to lease portions of her property to install energy generating wind turbines. Elizabeth negotiated a deal in which the government would would pay her to use the land.

Which characteristic of a mixed economy does this describe?

A company owned by a private owner

Prices determined by supply and demand

Redistribution of income (distributing wealth and income)

Health care left to the free-market (left to privately owned businesses to provide)

Promotes competition

Services owned by the government

Encourages compliance

Citizens pay high taxes

Consumers determine the market

Limited goods and services.

The State produces goods, products and services.

What is Karl Marx best known for writing?

What happens in a true socialist society?

In a Capitalist system, which of the following would NOT be included?

Which of the following would be appealing about Communism for the average person?

How is capitalism DIFFERENT from communism?