Economic Systems
Who is often connective to Laissez-Faire Economics, suggesting that an “invisible hand” works to promote the general welfare?
Adam Smith
Two major reasons that the government gets involved in the economy are to foster…
Entrepreneurship & Competition
What is a progressive tax?
A tax in which a person’s tax rate goes up as his/her income goes up
Americas two largest trade partners are...?
Mexico and Canada
This team won 8 strait NBA championships
Boston Celtics
Capitalism can be defined as…
An economic system in which individuals are free to own the means of production and maximize their profits.
What what way is a mixed economy mixed?
Government and private enterprise coexist
A tax imposed on assets of someone who dies
Estate Tax
a tax on imported goods
Tariffs
This baseball player competed in 2,632 consecutive games played
Cal Ripken Jr.
Identify the Four Fundamental Factors of the Capitalist Economy with their descriptions.
Private Ownership
Individual Initiative
Profit Motive
Competition
Name the organization that oversees the nation’s stock markets and ensure that abuses do not take place
The SEC
A tax imposed on assets passed from one living person to another.
Gift Tax
a ban on trade with a particular country or countries.
Trade Embargos
This college basketball team achieved a 111-game winning streak
Identify the class distinctions of Capitalism, Communism, and Socialism
Capitalism - Class Distinction
Communism - No Class Distinction
Socialism - Limited Class Distinction
Give an example of discretionary spending & mandatory spending?
Discretionary - Defense, Healthcare for the poor, The department of education.
Mandatory - Interest on national debt, Social service programs
A tax is a tax laid on the manufacture, sale, or consumption of goods and/or the performance of services.
Excise Tax
Why do countries employ import quotas?
To protect domestic industry that is vulnerable to larger and more efficient foreign competitors.
This olympian won the most Olympic medals in history with 28.
Michael Phelps
Karl Marx envisioned a society where…
Social classes would vanish and the people would own all property in common.
Name the origination that uses tools of monetary policy to promote a variety of national economic goals
The Federal Reserve
A tax imposed on the portion assets passed on to surviving heir.
Inheritance Tax
a restriction on the quantity of a good that can be imported into a country.
Import Quotas
This women won 19 world gymnastics gold medals
Simone Biles