What goal deals with producers seeking better ways to produce goods and make them available to consumers
What is Efficiency
100
The system in which most economic activity stems from ritual, habit, or custom
What is Traditional
100
What is another name for Free Enterprise?
What is Capitalism
100
Arrangements that allow buyers and sellers to exchange things
What is Markets
100
What do the three main questions answered in all economies
What is How much to produce, what to produce, and for whom to produce it
200
Goal that deals with ability to buy whatever we want if we can pay for it, seek work wherever we would like, own our own property, to become entrepreneurs if we would like
What is Freedom
200
A system in which the goal is distribution of wealth
What is Centrally Planned
200
What is considered one weakness of free enterprise?
What is some people fail-survival of the fittest
200
Concentration of the productive efforts of businesses and individuals on a limited number of activities
What is Specialization
200
Who is the Father of Communism that believed capitalism would fail?
What is Karl Marx
300
The goal that deals with goods and services being available when needed as well as help when possible
What is Security
300
A system in which people decide how to answer the central questions and have much economic freedom
What is Free Market
300
Who is the Father of Capitalism?
What is Adam Smith
300
Hope of reward or fear of penalty that encourages a person to behave in a certain way
What is an Incentive
300
One example of a centrally planned economy today
What is North Korea
400
The goal that deals with fairness and how goods and services should be distributed
What is Equity
400
What are two forms of centrally planned economies?
What is Socialism and Communism
400
What are two things that Adam Smith believed allows markets to self-regulate******
What is competition and self-interest*****
400
Study of economic behavior/decision-making of households and firms
Microeconomics
400
How do free-riders relate to taxes? ****
What is Make taxes necessary for public goods ***
500
The goal that deals with innovation, new jobs, and a higher standard of living
What is Growth
500
What is an economy in which there are markets but some government involvement?
Mixed Economy
500
Participants in free markets are (two items)
What is Households and Firms
500
The amount of money a business receives in excess of its expenses
What is Profit
500
DAILY DOUBLE-Give a scenario of either a positive or negative externality that was not a class example******