The study of how people meet their basic needs. All societies must answer three fundamental questions: (1) What should be produced? (2) How should it be produced?
(3) Who gets what is produced?
What is "Economcs"
100
Customs and tradition determine what should be produced, how it should be produced and for whom.
What is "Economic Decisions"?
100
People have a right to own __________ and to use this resource as they see fit with limited governmental interference.
What is "Private Property"?
100
All major decisions on production, distribution and the use of resources are made by government planners.
What is "Role of Government"?
100
Began as a political movement in the 1800's as a response to the injustices of industry.
What is "Socialism"?
200
How a society answers the three fundamental economic questions determines the type of?
What is "Economic System"?
200
The ___________ of goods is based on custom and time honored methods. New ideas are discouraged. Change and growth proceed very slowly.
What is "production"?
200
People are free to take part in business, buy or sell any legal product. Businesses are also free to do anything they wish to attract customers.
What is " Free Enterprise"?
200
__________ ownership is abolished and replaced by national ownership of all land, factories, farms, and major resources.
What is "Private Property"?
200
Unlike __________ I encourage private ownership of small business.
What is " Communism"?
300
People are free to produce and to buy what they want.
What is " Free Enterprise Economy"?
300
Often there is no_______________:things are owned by the family or village in common.
What is "Private Propery"?
300
The ability to make profit is what drives people to risk their money in starting a new business.
What is "Profit Motive"?
300
All workers should labor together and share equality.
What is " Cooperation"
300
Some Economist refer to socialist economies as _________ because these economies do not involve state planning.
What is "Free Market Socialism"?
400
Families produced enough goods for their own consumption.
What is "Subsistence Agriculture"?
400
Goods and services are produced to meet the needs of the members of the family or tribe. Since they are produced and consumed locally, there is very little ______ with outsiders.
What is "Trade"?
400
The interaction of ___________ and __________ determines price in a free market economy.
What is "Supply and Demand"?
400
The purpose is to achieve a classless society- equality among all workers.
What is "Major Goal"?
400
In order to protect the worker the government must..
What is " Control Major Means of Production"?
500
Traditional , Free Enterprise, Communist, Socialist.
What is "Types of Economic Systems"?
500
Hunting, Farming, and Herding Cattle
What is "Major Occupupations in Traditional Economy"?
500
Great Britain, Germany, Canada, and United States.
What is "Nations that have a Free Enterprise System"?
500
Business owner use their wealth to take advantage of workers.
What is "Karl Marx"?
500
Most countries have economies that blend features of each.