Economic Goals
The ability to buy/sell or produce what they want with little government interference.
Economic Freedom
Which economic system relies on habit, custom, and tradition to decide production and distribution?
Traditional Economy
Darth Vader
An economic system (be as specific as possible) where the means of production are FULLY controlled by a central government.
Command - Communism
What is a market?
A place where buyers and sellers exchange goods and services.
What is a market failure?
When the free market fails to allocate resources efficiently or meet society’s needs.
What is the goal that ensures people receive fair pay for their work?
Economic equity.
In a command economy, who decides what goods and services will be produced?
Central Government
This Netflix show features a dating process where couples get engaged through conversation without knowing what the other looks like.
Love is Blind
The Scottish economist who introduced the “invisible hand.”
Adam Smith
Define consumer sovereignty.
Consumers control what gets produced through their purchasing choices (“dollar votes”)
Give an example of a public good provided by the government.
Schools, national defense, or public parks.
What is the difference between a public and private company?
Public (owned/operated by the government), Private (owned operated separate from government)
What are the three economic questions every society must answer?
What to produce, how to produce, and for whom to produce.
This NFL team features first round 2025 NFL draft pick and Heisman Trophy winner Travis Hunter who plays on both offense and defense. Include City and Team Name.
Jacksonville Jaguars
An Economic model which shows the flow of resources and capital that stimulates a market economy between firms and consumers.
Circular Flow Model
What is meant by the term “invisible hand”?
The self-regulating nature of the market driven by competition and self-interest.
What is the purpose of antitrust laws?
To prevent monopolies and promote competition.
Give an example of economic security in the U.S. economy
Social Security, unemployment insurance, or welfare programs.
What kind of Economic System is the United States Classified as?
Mixed Market Economy
What are the official languages in the Country of Switzerland (Name 3/4)
Romanish, French, German, Italian
These systems tend to have more social services to ensure a certain standard of living for everyone. Community or state owns only the general means of production.
Socialism
How does competition benefit consumers?
It lowers prices, improves quality, and increases variety.
Explain how the government redistributes income and why this addresses inequality.
Through taxation and welfare programs (e.g., food stamps, Medicare) to support lower-income groups. Tradeoffs include taking wealth and growth away from others within the Circular Flow.
How do economic efficiency and innovation work together to improve productivity?
Innovation increases efficiency by improving technology and production methods.
A mixed economy combines characteristics of which two types of systems? Explain one advantage and one disadvantage of a command economy.
Advantage: job security/equality; Disadvantage: lack of innovation and poor quality.
Name three Pokemon that have two mega-evolutions.
Raichu, Charizard, Mew-Two
Give an example of Nationalization and an Example of Privatization in a Mixed-Market Economy.
Answers will vary.
Explain how voluntary exchange benefits both buyers and sellers.
Buyers get goods/services they value; sellers earn profit—both benefit from the transaction.
What is an externality, and what are the two types?
A side effect on a third party; can be positive (education) or negative (pollution).