Economic Systems
Customs, habits, and practices shape this economic system.
What is a traditional economy?
Choosing your job and spending your money freely is an example of this economic goal.
What is economic freedom?
The main role for entrepreneurs is to start this one thing.
What is a business?
This program provides retirement and disability benefits.
What is Social Security?
Two restaurants target the same customers. Identify the concept.
What is competition?
Individuals and businesses make the decisions in this economic system.
What is a market economy?
Not wasting resources is an example of this economic goal.
What is economic efficiency?
The government provides hospitals, roads, and schools. This is what type of government role?
What is a provider?
This program provides health insurance to people 65 or older.
What is Medicare?
A buyer and seller freely agree to a purchase. Identify the concept.
What is voluntary exchange?
The government makes the major decisions about producing goods and services in this economy.
What is a command economy?
Protection against economic downturn is an example of this economic goal.
What is economic security?
What group of people has the biggest role in the economy?
What are consumers?
This program provides health coverage for low income people.
What is Medicaid?
This term is the question of "What drives me to make money?"
What is profit motive?
Socialism, or the economic system that has both individuals and government owning industry is known as this.
What is a mixed economy?
This is the name for when prices rise.
What is inflation?
The government stimulates the economy by preserving competition between businesses. This is what type of government role?
What is a regulator?
What role of the government provides programs for the people's well being?
What is the provider?
I own a new item and decide to do whatever I want to it. I have what?
What is private property rights?
Cuba, North Korea, and the former Soviet Union is an example of this economy.
What is a command economy?
This is the cause of an economy operating at maximum efficency.
What is full employment?
The government purchases weapons and sells them to a buyer. This is what type of government role?
What is the consumer?
My income does not change even though prices are rising. What type of income is this?
What is a fixed income?
In America, I can buy and sell freely while following government inspections. What type of enterprise is this?
What is free enterprise?