Chapter 2 Section 4
Section 1
Section 2
Section 3
Section 3 (cont.)
100
Change from government ownership to private
What is privatize?
100
Gag gift from the 70's that was popular for 6 months
What is the pet rock?
100
Who has the power and votes in a free enterprise system?
Consumer
100
Public goods are funded with
What is taxes?
100
Government programs designed to protect people from economic hardship
What is safety net?
200
Most common type of economic system today
What is mixed economy?
200
Right to decide which legal agreements to enter into
What is free contract?
200
Money left after production costs subtracted from sale price
What is profit?
200
Outsiders benefiting from or paying for a marketplace interaction
What is market failure?
200
A person who benefits but does not pay for good or service is called a...
What is free rider?
300
Change from private ownership to government ownership
What is nationalize?
300
Another name for the free enterprise system is?
capitalist system
300
Another name for a free enterprise system with government involvement
What is a modified free enterprise economy?
300
Products provided by government, consumed by public
What is public good?
300
Side effect on someone other than producer or buyer
What is externality?
400
In which of these countries does the state own part of all companies, have lifelong benefits and high taxes? (France, Namibia, Sweden, N. Korea, or Ireland)
What is Sweden?
400
incentive to gain from economic activities
What is profit motive?
400
Highways, mass transit, water, sewer, and health care are examples of
What is infrastructure?
400
Difference between public transfer payment and transfer payment
From government with tax money vs. from person or group
500
What has contributed to the growth of global economy?
— recent agreements open up world markets to trade among countries — fast, safe, cheap transport of resources, products eases distribution — phone, computer links make financial transactions quick, inexpensive — cross-border business partnerships lower research, production costs
500
Everyone has same economic rights under the law
What is legal equality?
500
In a modified free enterprise the government acts as a...
What is producer and consumer?
500
Governments use this to pay drug companies in order to provide free medicine
What is subsidy?
500
An example of a positive and negative externality (1 each)
Several different answers
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