Economic Systems
Famous Economists
Models
Business Organizations
Vocabulary
100
Cuba and North Korea have this type of economic system.
What is communism?
100
This famous economist is deemed the father of capitalism and wrote "The Wealth of Nations."
Who is Adam Smith?
100

these are examples of how consumers play a in the  circular flow model and an example of how money flows throughout the economy.

What are paying taxes or rent?

100
This business organization has unlimited liabilty and one owner.
What is a sole proprietorship?
100

This is the unlimited human wants and needs in a world of limited resources. 

Who is Scarcity?

200
This economic system has a variety of goods and responsive prices.
What is the free enterprise system / capitalism?
200
This economist advocated government intervention in the economy during the Great Depression.
Who is John Maynard Keynes?
200
In the circular flow model, this market involves selling finished goods.
What is the product market?
200
This economic system raises capital by selling shares of stock.
What is a corporation?
200

This is alternative choices that are given up in favor of the choice we select.

What are trade-offs?

300
The governments controls the economy in this type of economic system.
What is communism?
300

The theory of the Invisible hand - "the market will work itself back to equilibrium" was a belief of this economists.

Who is Adam Smith?

300
These are the two sectors in the circular flow model.
What are households and businesses?
300
This business organization has shared decision-making.
What is a partnership?
300

Land, Labor, Capital, and Entrepreneurship make up this economic term. 

What are Factors of Production?

400
This type of economic system involves some government control, but also allows individuals to own private property.
What is socialism?
400
This Austrian economist wrote "The Road to Serfdom."
Who is Friedrich Hayek?
400

This is the term given to countries that do not use their resources effectively when they are below the production possibilities curve. 

What is inefficient?

400
This type of corporation is owned by friends and family members.
What is a privately-held / closely-held corporation?
400

This is the basic items needed for survival and items we want.

What are Needs and Wants?

500

This type of economic systems is based on customs and cultures of a society. Goods and services are produce only for consumption and relies on a bartering system to trade for goods and services.  

What is a Traditional Economy

500
This economist believed that the government printing too much money was the cause of problems in the economy.
Who is Milton Friedman?
500
On a production possibilities curve, a country can shift its line outward if it does this.
What is increase its resouces or develop new technology?
500
This type of business organization limits responsibility for all partners.
What is a limited liabilty partnership?
500

This is the term that displays how our economy goes through different cycles.

What is the Business Cycle?

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