Incentives
The two categories that all incentives fit into
Positive and negative
Limited resources, combined with unlimited wants creates this
Scarcity
An economy that uses elements from both market and command structures would be known as this type of economy
Mixed
This economic theory was developed from the most extreme ideas of socialism
Communism
This economic goal focuses on fair distribution of resources and opportunities
Equity
This type of negative incentive punishes people financially for making certain choices
Economic
A new company car is an example of which type of productive resource
Capital
This economic system is characterized by public ownership of resources and centralized planning
Command
Karl Marx's biggest complaint about capitalism was that it leads to this type of struggle
(Social/economic) Class
This economic goal primarily addresses protection from economic hardship
Security
A $100 speeding ticket is an example of this type of incentive
Negative
When a natural resource is essentially unlimited, it is known as a ____________ resource
Renewable
In this type of economy, consumers ultimately decide what goods will be produced
Market
This economist was the father of Socialism
Karl Marx
This economic goal would be opposed to restricting consumer and producer choices
Freedom
A sin tax is used to discourage consumers from purchasing "sinful" products, like tobacco or alcohol. A sin tax could be described as these types of incentive
Negative & Economic
A mechanic who works on airplanes is known as this type of productive resource
Human
Rank the 3 types of economies in terms of being most closely linked with capitalism to least
Market, Mixed, Command
Communism doesn't have economic classes like capitalism and socialism. Redistribution of wealth insures absolute economic _______
Equality
This economic goal would fight inflation, and help to maintain purchasing power
Being praised at a company meeting for doing a great job on a project is an example of both of these two types of incentives
Positive & Social
Scarcity forces consumers and producers to make choices. The next best alternative among their choices is known as this
Daily Double:
1. In mixed economies, governments provide this type of safety net, in order to make sure that citizens have a baseline level of economic security
2. Provide an example of one of these programs in the U.S.
1. Social
2. Medicare/Medicaid, SNAP (food stamps), S.S., CPS, etc.
Invisible hand
Daily Double:
Which of the following are NOT one of the 7 broad goals of economic policy:
Efficiency, Employment, Incentives, Price Stability, Profit, Equity, Growth, Security, Freedom, Taxes
Incentives, Profit, Taxes