economic systems
economic goals
vocabulary
misc
random stuff
100
what are the three questions every economy must answer?
what to produce, how to produce it, and who gets what is produced
100
the fair and equal distribution of wealth
economic equity
100
in the circular flow model, ____________ are people living together, ____________ are an organization that sells goods and services
households, firms
100
individuals pursuing their own self interest benefits everyone in society
invisible hand
100
who is the U.S. largest trading partner
canada
200
type of economic system based on customs, remote tribes, ancient hunter gatherer societies
traditional economy
200
providing for the less fortunate members of society, if you lose your job you won't die on the streets
economic security
200
political and economic philosophy that calls for the means of production to be owned by society for the benefit of everyone
socialism
200
wrote the communist manifesto
karl marx
200
what is the adult literacy rate in the U.S.
79%
300
in this type of economic system, decisions about what to produce, how to produce, and who gets it are made by individuals
free market economy
300
individuals are allowed to make decisions without much interference from the government
economic freedom
300
government payments to a household for no return (disability, unemployment, food stamps)
transfer payments
300
benefit and negative of capitalism
benefit: innovation, standard of living
negative: wealth inequality, worker exploitation
300
what U.S. state has the highest poverty rate
Louisiana
400
in this economic system, decisions about what to produce, how to produce, and who gets it are made by the government
command system
400
goods and services are readily available and remain at fair prices
economic stability
400
the final stage of socialism, the abolition of all private property and classes
communism
400
a patent lasts ___________ years, a copyright lasts ________ years
20, 70
400
which had the larger gdp in 2024:
Japan or the state of California?
500
the most common type of economic system today; both the government and individuals make decisions
mixed economy
500
the economy is producing more and better goods and services over time
economic growth
500
_____________ gives the creator the sole right to reproduce, distribute or perform a literary/art work. _____________ give an inventor the sole right to sell the invention.
copyright, patent
500
3 reasons why we need the government in a free market economy
provide public goods, social welfare, protect workers, environmental regulation, laws/contracts
500
michigan ranks ________ out of 50 states in GDP per capita. (+/-5)
37th