Econ. Questions
When someone who wishes to work cannot find a job
What is unemployment
In business, the purchase of new equipment is a __________ good.
What is capital goods
Who in a command economy answers the three economic questions that nations (societies) must make?
What is a powerful individual or committee
Rising prices
What is inflation?
Thessalonians 3:10 states
What is "that if any would not work, neither should he eat."
Nations often look for a balance between ____________ goods and ____________ goods.
What are capital goods and consumer goods?
Producers and consumers are unable to make accurate economic forecasts
What are the causes of inflation and deflation?
The father of communism
Who is Karl Marx
Goods purchased for individual use only
What are consumer goods
high unemployment causes
What is a loss of human resources and to poverty, crime, and despair
Economic growth is defined as:
What is an increase in the quantity of goods and services produced?
The market economy often gives the economic principles revealed _______________________.
What is God's Word
What is the command solution to the input question?
What is "policymakers choose the labor/capital ratio."
Goods purchased to help produce more goods
What are capital goods
Each person in a nation has a right to a part of that nation's wealth simply because he/she is part of the human race
What is "Egalitarian Fairness"?
the 4 economic goals most societies have
What is 1. low level of unemployment 2. a stable price level 3. a healthy rate of economic growth 4. a fair distribution of income
In the ability to adjust to the need for more or fewer capital goods, the regulating factors in a free market economy are?
What is market price and interest rates.
Those that favor a command economy point out that it may be necessary to do what?
What is "override the self-interest of the individual and subjugate the general welfare of the population in order to reach society's goals."
Purchasing new clothes is an example of
What are consumer goods?
From what source to firms (businesses) get the funds to purchase more real capital?
What are "consumer savings?"
The 3 economic questions that all nations face.
What are 1. What will the nation produce 2. How will the produce its goods 3.Who will receive what the nation produces?
or
What are the output question, the input question, and the distribution question
Each individual decides the consumer/capital goods tradeoff is an example of
What is the free market's answer to the output question?
Critics of the command economy state:
What is, "If the market leads individuals to make wrong choices about spending and saving which may lead to poor results, would a committee's making wrong choices have the same effect." or "If government encourages too much consumer spending, would it not risk having the nation's factories and equipment falling into disrepair?"
Rising interest rates generally have this effect on consumer spending?
What is "it encourages consumers to save more"
The public provision of further training or education for the unemployed while they search for jobs is often known as ______________________.
What is "workfare?"