This country is based on a free market but allows some government intervention.
What is the United States of America?
100
small, close communites that avoid change and new technology
What are the traditional economies?
100
economic equity
What is a goal of socialism?
100
People need a place to trade goods and services. They can not make everything themselves.
Why do markets exist?
200
arrangement that allows buyers and seller to exchange things
What is the market?
200
Handled by individual's wanted to make a profit in the market.
What are investment options.
200
goods become scarce because of poor planning. It broke up the Soviet Union
What are some problems of the centrally planned economy.
200
when government owns the means of production and controls services
What are traits socialism?
200
another name for a centrally planned economy
What is a command economy
300
the fact that consumers have the power to decide what gets produced
What is "consumer sovereignty"
300
Hong Kong, Singapore United Kingdom and United States
What are the countries that dominate the free market system?
300
Countries answer the 3 economic question based in part on social values involving efficiency, freedom, security , equity and growth.
What are the social values influencing an economic plan?
300
economic system based on voluntary buying and selling
What is free market economy?
300
Society answers these questions based on values and goals
What are the three questions each society must ask...
what are we going produce, who will get it, how will be produce the goods?
400
something that makes a person take an action
What is an incentive?
400
This encourages growth
What is an advantage of the free market?
400
moving from one type of economy to another type. Example China is undergoing a period of change from centrally planned to a more free market economy.
What is economic transition?
400
government owns all property and controls all resources
What is communism?
400
the flow of money from firms to governement and from households to gov't is this.
What are taxes?
500
What invisible hand directs the free market?
What is competition?
500
Competition and self interest are called this.
What is the invisible hand of the free market economy?
500
low unemployment is a result of this type of economy
What is a centrally planned economy.
500
consumers have the power to decide what gets produced
What is consumer sovereignty
500
Who gets what is based on the what values and goals a society has and how they answer the 3 questions every economic system must answer. What are we produce, how will we produce it and who will get the goods.
What is how a society decides on who gets what goods and services.