Different Economic
Systems
Systems
Rivalry/battle among businesses for customers
Competition
Give an example of the government being the Provider of Services
Police Department
Fire Department
Free Public Education
Military
The quantity of products that will be purchased at a certain price
Demand
In the U.S. monopolies are [illegal/legal] under anti-trust acts.
illegal
What is the NYSE
What are the names for our Economic System (list at least 2)
Capitalism
Market System
Free Enterprise System
Private Enterprise System
Give an example of the government being the
Supporter of Businesses:
Bailouts
SBA: (Small Business Administration)
Free Trade Agreements
COVID Relief Loans
When the quantity supplied exceeds the demand
Surplus
What is the complete control of a market by one business?
Monopoly
What are the owners of a corporation called?
Stock Holders
This economic system has free health care and education.
Examples: Holland, Spain, New Zealand, Norway
Socialism
Give an example of the government being the Regulator
FDA
EEOC
OSHA
When the quantity demanded exceeds the supply
Shortage
The act that discourages monopolies by outlawing business agreements that promote monopolies.
Example: The two largest shoe manufacturers can not agree (conspire together) to sell shoes at a set price.
Sherman Act
What are the ruling body of the corporation (elected by the stockholders) called?
Directors
This economic system has no unemployment
Communism
Give an example of the government being the Competitor
USPS
Amtrack
When the quantity supplied is the same as the quantity demanded
Equilibrium
This act forbids corporations from acquiring ownership rights of competitors if the purpose is to create a monopoly.
Example: The top two shoe manufacturers can not merge together to form one big company that dominates the market.
Clayton Act
What are the top executives who are hired to manage the business (appointed by the directors) called? Ex: CEO, CFO, COO…
Officers
What are the Three Economic Questions
1. What goods and services should be produced?
2. How will the goods and services be produced?
3. For whom shall the goods and services be produced for?
Because of Government Involvement in the economy, the United States has a ______ free enterprise system.
Modified
Quantity of products available for sale at a certain price
Supply
This act prevents unfair or deceptive acts or practices, such as… Bait and switch | False advertising | Subliminal advertising.
Wheeler-Lea Act
What are the profits that are distributed to stockholders on a per share basis called?
Ex: 1 share= $.33 100 shares=$33 1,000 shares=$330
Dividends