Different types of Economic System
Vocabulary
Rights and Responsibilities
Characteristics of an Economy
Problems of the Day
100
Your parents worked at the mill therefore you will work at the mill, is known as a.
What is traditional economy
100
When businesses subtract cost from revenue they are left with?
What is profit
100
You have the ___ to choose a profession
What is a right
100
Freedom of _____ is one of the six characteristics
What is freedom of choice, or freedom of enterprise.
100
In this type of economy ______ combines characteristics of more than one type of economy.
What is Mixed Economy
200
The government tells you, you are going to be an accountant.
What is a Command Economy
200
An economic policy so that everyone benefits fairly is known as..
What is Economic Equity
200
You have the ______ to support yourself and your family
What is a responsibility
200
What is another characteristic that starts with Freedom of ____
What is Enterprise or Choice
200
In a capitalist economy who controls the factors of production?
Who are the private individuals, people, private individuals.
300
If you shovel my side walk I will give you cookies is known as a...
What is a market economy
300
An idealized society with no need of government according to MARX is known as...
What is Communism
300
To work very little or very hard is your _____
What is your right
300
I rivalry between to businesses that produce similar goods is known as?
What is a competition
300
What is circular flow between?
What are people and businesses or Businesses, government, people
400
You will be paid $7.25 an hour, because that is what the Government says
What is a Command Economy
400
What are the 3 types of Economic Systems. HINT customs beliefs government controls free to exchange.
What are market, command, and traditional.
400
To elect responsible government officials if your ___
What is a Responsibility
400
Land that private individuals own, not the government is called?
What is private property
400
What are the three basic questions asked in an economic system?
What are How, Who, What
500
I was taught to do this job this way, all my life so that's the way I'm going to do it, is called..
What is a Traditional Economy
500
exchanging goods and services freely is known as a ....
What is Market Economy
500
To choose which products you want to buy is your ____
What is your Right
500
What are the last two characteristics of an American economy?
What are Profit incentive, and Limited Role of Government.
500
What is competition
What is a rivalry among producers and sellers of similar goods and services to win more business
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