The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
What is economics?
100
Economic system in which all or most of the means of production and distribution are privately owned and operated for profit.
What is Capitalism
100
Economic system based on the premise that some businesses should be owned by the government.
What is socialism
100
Part capitalist and part socialist. Some businesses are privately owned, but taxes tend to be high to distribute income more evenly among the population.
What is a mixed economy
100
Consists of government efforts to keep the economy stable by increasing or decreasing taxes or government spending
What is fiscal policy
200
Microeconomics and Macroeconomics
What is the two branches of government
200
1)Right to own property
2)Right to own a business
3)the right to freedom of competition
4)the right to freedom of choice
What is basic rights under capitalism
200
Creates more social equity, receive more education, health care, and other benefits
What is advantages of socialism
200
United States is an example of this economy.
What is mixed economies
200
Economic Boom
Recession
Depression
Recovery
What is the four phases of a business cycle.
300
The study of how to increase resources and create conditions that will make better use of them.
What is Resource Development
300
One which buyers and sellers negotiating prices for goods and services influence the decisions about what gets produced and in what quantities.
What is free market
300
Economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production.
What is communism
300
Benefits of wealth creations that free markets bring plus the benefits of greater social equality and concern for the environment that socialism promises.
What is benefits of mixed economies
300
Management of the money supply and interest rates.
What is monetary policy
400
Determined by supply and demand.
What is Market Price
400
Lowers the incentive to start a business or to work hard.
What is disadvantage of socialism.
400
Exist when the government largely decides what goods and services will be produced, who gets them, and how the economy grow.