Way in which a nation uses its resources to satisfy its poeples needs and wants
What is Economic System?
100
Traditional, command, market, and mixed
What is the four economic systems?
100
An economic system in which private individuals own the factors of production and decide how to use them within the limits of the law.
What is Capitalism?
100
An expansion of the economy to produce more goods, jobs, and wealth
What is Economic growth?
100
have to keep prices low enough to attract buyers yet high enough to make a profit
What is Businesses?
200
System in which economic decisions are based on customs, beliefs, and ways of doing things that have been handed down from generation to generation.
What is Traditional Economic System?
200
The traditional economic system is in some ways similar to a
What is Pure command economic system?
200
The American economy is also called
What is Free enterprise system?
200
Using resources wisely so that people will be as well off as possible given our available resources
What is Economic Efficiency?
200
buyers make the decisions about what should be produced
What is Freedom of choice?
300
System in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own best interests.
What is Market Economic System?
300
The opposite of a pure command economic system is a
What is Pure market economic system?
300
simply what is owned by individuals or groups rather than by the federal, state, or local government
What is Private Property
300
offer income security and healthcare
What is Medicare and medicaid?
300
has 6 major characteristics of an economic system
What is pure Market economic system?
400
System in which the government controls the factors of production and makes all decisions about their use.
What is Command Economic system?
400
Contains Characteristics of a command economy and a pure market economy
What is a Mixed Economy?
400
In most states teenagers have to be atleast _____ years old before they can work.
What is 16 years old?
400
the material well-being of an individual, group, or nation measured by the average value of goods and services used by the average citizen
What is Standard of Living?
400
may be one person, a small group of leaders, or a group of central planners in a government agency
What is the government?
500
Money payment for work, the amount of healthcare, education, food and so on that each person recieves.
What is Distribution of Income?
500
Today almost all economic systems are what economics call
What is Mixed Economies?
500
The desire to make a profit
What is Profit incentive?
500
tends toward a market or capitalist system
What is the united states?
500
bestows numerous economic rights and protections on individuals like you, your teachers, your relatives, and your friends