Economic Systems
Government and the US Economy
Economies
US Capitalism
?
100
Choices and decisions are based upon traditions and custom "the way it has always been"
What is a traditional economic system
100
government contracts to but goods
What is government's role as helper
100
GNP
What is Gross National Product
100
another name of capitalism
What is private enterprise
100
people create business' to make money
What is the profit motive
200
Decisions are made by buyers and sellers
What is a market economy
200
promotes fair competition, no monopolies
What is the protector role
200
occurs when the economy is having a down slope for up to 6 weeks
What is a recession
200
money used for capital goods
What is financial capital
200
economic system that is stable and consistent
What is a traditional economy
300
Decisions are made by central/single ruler change happens very quickly
What is a command economy
300
Federal regulations to prevent unsafe working conditions
What is the protector role
300
occurs when a down slope occurs for an extended time over 6 weeks
What is a depression
300
people made resources to assist in owning/running a business
What is capital goods
300
economic system of the US
What is a mixed economy
400
Examples of countries that have this economic system: Soviet Union, China, and North Korea
What is a command economy
400
information for the the public and business owners about how to manage money
What is the provider role
400
continuing rise in prices with lack of purchasing; decreases value of money
What is inflation
400
owners of resources that are needed for production and manufacturing
who is a capitalist
400
Economic freedom in a capitalist economy
What is the freedom to sell whatever you want
500
no one controls this economic system
What is a market economy
500
Federal regulations to goods and services (food and Drug Act)
what is the protector role
500
yearly total of all goods/services sold
What is GNP
500
the ability to buy what every you want
What is voluntary exchange
500
the four types of economies
What are mixed, market, traditional, and command
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