Economic Systems
The two sectors of the economy
What are Public and Private?
Someone who purchases products is known as this
What is a consumer?
The fundamental right of every individual to control his or her own labor and property
What is economic freedom?
This is taxation's main purpose
Someone believing in limited government and free markets.
What is a conservative?
In this type of system you'd find government in the public sector and businesses/individuals in the private sector
What is a Mixed Economy?
What is the Consumer Product Safety Commission?
What is something taxation can be used for besides raising revenue?
What is discouraging bad behaviors?
Someone believing in expanding government and equal opportunity in the markets.
What is a liberal?
In this type of economy you'd find massive amounts of government control in the economy
What is a command economy?
While working at a factory you slip on wood chippings left on a floor.
What is OSHA?
Name two examples of economic freedoms
What are spending, saving, choosing a job, purchasing property, owning a business, etc.?
I make $100 and have $10 taken away earning 90. Someone making $100,000 has $10,000 taken away earning 90,000.
What is a flat tax?
What are three example public policy topics?
What are abortion, gun control, taxes, climate change, healthcare, medicare, social security, military spending, etc.
In this type of economy you'd find massive amounts of private businesses controlling the economy
What is a free market economy?
While hunting you get sick from the meat that you eat. You later find out that the animal was living in an area next to an industrial factory.
What is the Environmental Protection Agency?
In this type of political system you'd find extremely low economic freedoms
I earn $100 dollars and have $5 taken away earning 95. Someone earning $100,000 dollars has $25,000 taken away earning 75,000.
What is a progressive tax?
The term describing a moderate who is stuck between both ideologies.
This type of economy is rarely seen anymore and is only found in rural areas.
What is a traditional economy?
You work late because of a dinner rush and find that you earned time and a half pay on your paycheck.
What is the Fair Labor Standards Act?
Name one country with EXTREMELY low economic freedoms.
What is North Korea, China, Cuba, etc.
This type of tax unfairly places burdens on lower-income earners
What is a regressive tax?
Attempting to influence a politician to change their point of view.