Economic Systems
This is the type of economy the U.S. has
Market/Capitalism/Free-enterprise
This is what you get paid before taxes
What is Gross
When quantity supplied is low and the demand is high the price will be?
High
Workers sell their labor in exchange for payment. What is the payment called?
What is income
These government uses these to provide goods and services that the public consumes
What are taxes
The government controls all aspects of this type of economy
Command/Communism
This is what you get paid after deductions like taxes, health insurance etc
What is Net
When a country sends products to another country it is called
What is export
What is the largest incentive for both individuals and businesses
What is profit
Who is the biggest employer in NM?
Federal government
This economy is based on private ownership, free trade & competition
Market, Capitalism or Free-enterprise
When countries work/trade with other countries to get resources this is referred to as
What is economic interdependence
When their are not enough resources to meet peoples wants this is called
What is scarcity
What are the three most important things "mined" in NM?
Natural gas, oil, coal
All societies had this type of economy at one time
Traditional economy/Barter
When supply is greater than demand what will happen to the price?
What is go down
The value of the thing you give up in tradeoff is called?
What is Opportunity cost
Give 4 benefits of the Free-enterprise system
Free to exchange goods, services and choose careers. Free to operate businesses with little government intervention. Profit, owning land, quality of products, choices(competition), and participate in open elections
This type of economy combines traditional, market and command economic systems
Mixed Economy
You should be putting 10% of your income into this for emergencies?
Savings account
The most important thing for consumers in a market/free-enterprise system to help keep prices down is?
What is competition
What is a system of producing, selling and buying goods and services called
What is an economy