Economic Vocab
This means "very little of".
What is scarcity?
The 3 Economic questions.
What is what, how, who?
This the ability to make decisions on your own.
What is Economic Freedom?
This Economic System is based on tradition and subsistence living.
What is a Traditional Economic System?
Karl Marx was the founder of this Economic System?
What is Communism?
This means "a lot of".
What is abundance?
This is what resources are.
What is Limited?
When society produces more and better products.
What is Economic Growth?
This Economic System has a "classless" society.
What is Communism (Ancient Command)?
Money paid to a business by the government to help the business stay open.
What is a Subsidy?
Products and supplies that are made to be sold
What is a Good?
This is what needs to made somehow.
What are Decisions?
Providing the less fortunate with the support they need (food, shelter, & healthcare).
What is Economic Security?
This Economic System is a "hands off" approach in regard to government.
What is Capitalism (Free Market)?
This is a tax on imported goods.
What is a Tarriff?
Something that someone does for someone else.
What is a Service?
This is what people think.
What is Perception?
The goods and services that are counted on (electricity, food, & clothing).
What is Economic Stability?
This Economic System has personal freedom and government involvement.
What is a Mixed Economy?
This is a specific amount of something.
What is a Quota?
The way a society decides how its citizens will get the goods, services, and resources it needs.
What is an Economic System?
Giving everyone their share of society's wealth
What is Economic Equity?
Making the most of society's resources.
This is the Economic System that the US PRIMARILY uses?
What is a Mixed Economy?
A level of quality and attainment.
What is a Standard?