Economic Terms
Basic Characteristics of Economic Systems
Basic Types of Business Ownership
3 Branches of Government
Random
100
The inability to satisfy all wants at the same time. All resources and goods are limited.
What is Scarcity
100
Economic decisions are based on custom and historical precedent.
What is traditional economy
100
Two or more owners who share the risks and profits.
What is Partnership
100
Makes the laws
What is Legislative Branch
100
FCC
What is Federal Communications Commission
200
The amount of a good or services that consumers are willing and able to buy at a certain price.
What is demand
200
Lack of consumer choice.
What is Command Economy.
200
One owner who takes all the risks and all the profits.
What is Proprietership
200
Exercises power of Judicial Review
What is Judicial Branch
200
Supreme Law of the land
What is The Constitution
300
The amount of a good or service that producers are willing and able to sell at a certain price.
What is supply
300
Individuals and businesses as owners and decision makers for private sector.
What is Mixed Economy
300
Business organization authorized by law to act as a legal person regardless of number of owners.
What is corporation
300
Approves the annual budget
What is Legislative Branch
300
Served as a model for the bill of rights of the Constitution of the United States of America
What is Virginia Declaration of Rights
400
what is given up when choice made -highest value alternative forgone. individuals must consider value of what is given up when making a choice.
What is opportunity cost
400
Central ownership of property/resources.
What is Command Economy
400
A person who takes risks to produce goods and services in search of profit.
What is entrepreneur
400
Administers the federal bureaucracy
What is Executive Branch
400
Established first form of national government for independent states
What is Articles of Confederation
500
Things that incite or motivate
What is Incentives
500
Centrally planned economy
What is Command Economy
500
Owners share the profit
What is Corporation
500
Prepares annual budget for congressional action
What is Executive Branch
500
Consumers determine through purchases , what goods and services will be produced
What is Consumer Sovereignty
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