Government in the US Economy
The US Economy
Types of Economies
Economic Decisions
Potpourri
100
This helps keep prices low and consumer satisfaction high
What is competition
100
Individuals and businesses have the right to own real and personal property
What is private property
100
There are this many basic questions of economics
What is 3
100
The inability to satisfy all wants at the same time because resources and goods are limited.
What is scarcity
100
One owner takes all the risks and all the profits
What is proprietorship
200
The government enforces these types of laws to discourage the development of monopolies
What is antitrust laws
200
This is the type of economy that the US has
What is Mixed
200
Type of economy where decisions are based on custom and historical precedent
What is traditional
200
What is given up when a choice is made
What is opportunity cost
200
Term describing how consumers, businesses, and markets interact
What is Economic flow
300
This government agency regulates the media
What is Federal Communications Commission (FCC)
300
Consumers determine through purchases what goods and services will be produced
What is consumer sovereignty
300
Spell the word that means customers choose what they want to buy
What is S-O-V-E-R-E-I-G-N-T-Y
300
Combining human, natural, capital, and entrepreneurship resources to make goods or provide services
What is production
300
Their role in the circular flow is to use tax revenue to provide public goods and services
What is Governments
400
This government agency oversees protection of the environment
What is Environmental Protection Agency (EPA)
400
Earnings after all expenses have been paid.
What is profit
400
Individuals and businesses are owners and decision makers for the private sector.
What is mixed economy
400
Interaction of supply and demand determines this
What is price
400
These receive deposits, make loans, and encourage saving and investing by paying interest on deposits
What is financial institutions/banks
500
One way that the government promotes marketplace competition is by engaging in this --
What is global trade
500
Three types of business ownership in this country (from highest risk to lowest risk)
What is proprietorship, partnership, and corporation
500
This type of economy is marked with a lack of consumer choice and central ownership of property and resources
What is command
500
Types of resources
What are natural, human, capital, and entrepreneurship
500
To obtain goods and services at a lower opportunity cost, to sell goods and services to other countries, and to create jobs here in the US
What is the reason states and nations trade
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