The Basics
Econ. Systems
Trade
Increasing Productivity
Characteristics of U.S Economy
100
How long should a durable good last?
at least 3 years
100
What type of economic systems does the U.S. have?
Mixed
100
Tax on imported goods
Tariff
100
A business upgrading to new computers
Investments in Technology
100
Private Property is owned by ________________
Individuals
200
How do people respond to incentives?
Predictably
200
Who owns the factors of production in a command economic system?
Government
200
trade barrier that restricts how many goods can be brought into a country
quota
200
A country beginning to trade with other countries
Specialization and exchange
200
term to describe the rivalry among producers of similar godos
What is competition
300
The study of Economics in small units
What is microeconomics
300
System that is based on customs
Traditional
300
trade barrier where a country will refuse to trade if certain rules and regulations aren't followed by foreign producers
What is standards
300
A business providing a training program to new employees
Investments in Labor
300
the desire to make money
What is profit incentive
400
List all the factors of production
land, labor, capital, entrepreneurship
400
Economic system that often fails because workers aren't motivated to work
Command
400
Trade barrier, government provides aids to domestic producers
What is subsidy
400
Making sure that a business has enough tools for every worker
Investments in Capital Tools
400
How is a market established?
interaction between buyers and sellers
500
What are the three basic economic questions?
What to produce? How to produce? For Whom?
500
Economic system that does not provide the necessary goods
Market
500
Trade advantage that says country should produce the items that have the lowest opportunity cost
What is comparative advantage
500
Countries and businesses want to increase productivity because it will reduce the affects of ____________
scarcity
500
What does freedom of enterprise mean?
Individuals are free to own and control the FOPs
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