Vocab
Economic Systems
Business Org.s
Factors of Production
Misc.
100
This is a condition in which society does not have enough resources
What is scarcity
100
An economic system where people and businesses answer the 3 basic economic questions
What is a market economy
100
The majority of these businesses fail within the 1st year
What is a sole proprietorship
100
New Lawnmower
What is capital
100
Nation that still practices communism today (located in S. America)
What is Cuba
200
This is a type of economic system in which the government controls all aspects of production
What is communism
200
An economic system wher the national government or central planning committee answers the 3 basic economic questions
What is a command economy
200
This type of business organization relies on interdependence, which can either be beneficial, or fatal
What is a partnership
200
Michael Dell
What is an entrepeneur
200
Nation that does not practice a social democratic system (hint: located in N. America)
What is the U.S.A.
300
This is the amount borrowed on a loan
What is principal
300
An economic system of which North Korea is an example
What is a command economy
300
This type of business organization has a CEO and a board of trustess who run the business
What is a corporation
300
Oil
What is land
300
Diagram that shows the amount of production that is possible for a business
What is a production possibilities frontier
400
This person coined the term the "invisible hand" as a term to describe the free market nature of the market in a pure capitalist economy
Who is Adam Smith
400
Examples of this market economy include Inuit tribes in Alaska and Canada
What is a traditional economy
400
The easiest type of business to start up, and operate
What is a sole proprietorship
400
Mary Kay
What is entrepeneur
400
The idea of lowering taxes helps the economy grow
What is supply side economics
500
This man wrote the "communist manifesto" to lay out the idea of communism
Who is Karl Marx
500
An economic system system that is the basis for the current economic system known as capitalism
What is a market economy
500
This type of business organization is one in which the profits must be split between more than one owners (not shareholders)
What is a partnership
500
UPS Truck
What is capital
500
Type of economic theory that Obama and his administration practice
What is keynsian economics
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