Weeeeeew Terms!
People want to make their own decisions about what to buy, what job to have, whom to marry
Economic Freedom
Prices should remain about the same with little or no inflation
Price Stability
He wrote the Communist Manifesto
Karl Marx
The act of buyers and sellers freely and willingly engage in the market transactions
Voluntary Exchange
Edward J Claghorn was granted the first patent for what safety device in 1885?
Safety Belt
Resources Must be used wisely so everyone can get what they need and most of what they want
Economic Efficiency
Economic activity stems from ritual, habit, or custom, roles are defined by customs of elders
Traditional Economy
In this market, households and firms act in their own best interest to answer the, What, How, and For Whom questions
The 5th amendment grants __________ (eminent domain as well)
Private Property
What Converse salesman is the only person in both the Basketball Hall of Fame and the Sporting Goods Hall of Fame?
Chuck Taylor
Discrimination should not exist in the workplace, or in products
Economic Equity
The central government makes the economic decisions
Command/Centrally Planned Economy
Self-Interest and competition work together to regulate the marketplace
Invisible Hand Theory
The customer rules the market
Consumer Sovereignty
What country borders Rwanda to the west?
Congo
People want protection from adverse economic events like recession and unemployment
Economic Security
Social and political belief that wealth should be distributed evenly though a democratic society
Socialism
System where private citizens own the factors of production
Capitalism
Organize and manage land, labor, and capital to make profits
Entrepreneurs
What US state has the highest relative humidity?
Alaska
The economic system should provide as many jobs as possible and should improve the standard of living
Economic Growth and Employment
A system of government where all the power and economic decision making resides with the central government
Communism
Competition in business is allowed to flourish with minimum government interference
Free Enterprise
Protects consumers, employees, property owners
The Role of the Government in the economy
In the Simpsons, Bart wins first prize at the science fair by proving what?
Hamsters can fly planes