Theory
Economic Ideologies
Economic Systems
4 Factors of
Production
Production
Final Jeopardy
100
What are the two theories?
Trickle down and Float up theories.
100
What are the three economic ideologies and their meanings?
Capitalism- An economic system where private entities own the factor of production.
Socialism- Socialism is an economic system where everyone in the society equally owns the factors of production.
Communism- A political theory advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
100
What are the 3 economic systems and what do they do?
Market- A type of economy where the laws of supply and demand direct the production of goods and services.
Command- A command economy is where a central government makes all economic decisions.
Mixed- A system of an economy that is both parts of the market and command economy.
100
What are the four factors of production?
Labor, land, entrepreneurship, and capital.
200
How does this represent the trickle down theory?
It represents that much or very little trickles down the the poor when they need something important.
200
How does this show?
It shows that the guy is holding a sign saying down with capitalism yet is wearing a lot of capitalistic company wear.
200
What do companies and consumers get in these different economies?
Mixed- Run by supply and demand also with innovations and consumers get the best for their buck.
Command- Black markets might be made because of the lack of needs that the government isn't giving.
Market- Rewards innovation more productive company will earn more free interplay of supply and demand and everything is run by self need/want.
200
How is the government influenced in these factors?
Land- The government might own land, take care of land, or give away land.
Capital- The government helps control man made goods but isn't the leader of it is more like a supporter.
Entrepreneurship- The government doesn't create businesses but can help companies and support them
Labor- the government tries to help people find jobs but they need the companies to make the jobs.
The government is basically a big supporter.
300
Explain what both of the theories are?
Trickle down theory- it is when money is given to the rich and it trickles down to the poor for them to earn money.
Float up theory- it is when money is given to the poor and it floats up to the rich for them to earn money.
300
Which economic ideology is it easiest to succeed in?
Communism because it creates a level playing field for everyone unlike capitalism.
300
What type of people are at a disadvantaged in market economy and why?
It is about competition so it is a disadvantage to elderly people, children, people with mental and physical disabilities, and Caretakers are all at a disadvantage
300
What do people think could be one of the factors of production?
Capital finance.
300
In what ways are inflation and deflation bad for the economy?
Everyone who has money stored looses money every time the value of the dollar goes down.
Prices fall, production slows, and inventories are liquidated. Also, unemployment rate drops.
400
How would the float up theory help everybody?
First it will start with the poor for them to earn money and works its way to business owners and they might create bigger businesses and people will earn more money from jobs being made.
400
How do these ideologies affects ownership and what is valued?
In socialism and communism everyone owns everything and in capitalism everything is individually owned. And also in socialism and communism people value the usefulness of people and in capitalism people value profit.
400
In a _____________ economy, average people have the most rights.
Market
400
How do these affect other economic decisions?
Their could be multiple reasons but two big one are the self need and the community need in these decisions.
500
What do government leaders do with these theories?
Answers will vary
500
How does all of these affect the four factors of production?
Capitalism- Everybody owns the factors of production.
Communism- The land is publicly owned and then everything else in controlled by the state.
Socialism- Government controls everything and passes out resources where needed.
500
What are some issues a command economy can cause?
Pure command economies have a monopoly over businesses, so they can make items priced at very high prices, taking money from individuals. Innovation (even if good) is discouraged. the government might ignore society's needs.
500
How do they conduct employment and unemployment
They check this every month on the first Friday and if you are employed for that week you are employed for the rest of the week.