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prices should remain about the same with little or no inflation- a rise in the general level of prices, this protects those on fixed incomes
Price Stability
the economic system should provide as many jobs as possible and should improve the standard of living.
Economic Growth and Employment
the central (government) makes the economic decisions
Command Economy
economic activity stems from ritual, habit, or custom, roles are defined by customs of elders
Traditional Economy
Which of the contiguous US states was the last to be admitted to the Union?
Arizona
People want to make their own decisions about what to buy, what job to have, whom to marry – this can help build patriotism.
Economic Freedom
social and political belief that wealth should be distributed evenly through a democratic society.
Socialism
resources must be used wisely so everyone can get what they need and most of what they want.
Economic Efficiency
people want protection from adverse economic events like recession and unemployment – this is the concept of a “safety net”.
Economic Security
Earl Grey tea is blended with oil extracted from what fruit?
Orange
discrimination should not exist in the workplace, or in products. People should get a “fair share of the pie”
Economic Equity
“let them do as they please”
laissez-faire
Decisions about what to produce are not left in the hands of the few, made by many
Consumer Sovereignty
self-interest and competition work together to regulate the marketplace.
Invisible Hand Theory
Which insect is the closest relative to the grasshopper?
Cockroach
the act of buyers and sellers freely and willingly engaging in market transactions, transactions are only made if the buyer and seller are better off afterwards
Voluntary Exchange
system where private citizens own the factors of production
Capitalism
competition in business is allowed to flourish with minimum government interference
Free enterprise
a system of government where all of the power and economic decision making resides with the central government. Unlike socialists, communists are authoritarian and believe that the government and not the people should make decisions.
Communism
What is the name of Twitter's blue bird mascot?
Larry the Bird
When competition is present, buyers and sellers will work together to get prices and quantities at a point where they agree
Equilibrium
Introduced socialist beliefs to the Soviet Union
Karl Marx & Friedrich Engels
people carry on their economic affairs freely, but are subject to some government interjection and regulation
Mixed or Modified Free Enterprise
2 types of capital
Human and Physical
Who was the first American woman on a U.S. postage stamp?
Martha Washington