Show:
Market Economy Characteristics #1
Market Economy Characteristics #2
Roles of Government-Market Economy
Economic Systems
100

What is the term for buyers and sellers willingly engaging in market transactions?

Voluntary exchange

100
Bob owns an iPhone. That iPhone is Bob's ....

Private property

100

The government issues a copyright to an inventor. Which role is the government playing in this scenario?

Protecting private property rights

100

In a command economy, who/what answers the questions of what, how, and for whom to produce?

Government

200

Chick-fil-A & Popeye's both sell chicken sandwiches. These are businesses that are engaged in what economic practice?

Competition

200

The term that means that individuals (not the government) make decisions about how resources will be used and allocated is

Decentralized planning

200

DeKalb County opens a new public library and a new park. Which role is the government playing in this scenario?

Providing public goods & services

200

What is the name of the economic system that blends elements of the command and market economy?

Mixed

300

John becomes an entrepreneur because he wants to make money. This desire to make money is called...

Profit motive

300
If you live in a market economy, you can become an entrepreneur and start your own business if you want to. This relates most closely to which characteristic of market economies?

Freedom of enterprise OR decentralized planning

300

The government breaks up a company that has become a monopoly. Which role is the government playing in this scenario?

Correcting market failure

300

What is the term that means that government OWNS all of the productive resources?

Public ownership

400
What is the term for individuals making decisions about how resources will be used?

Decentralized planning

400

Nike has a trademark on the "Swoosh" logo. This is an example of which of the characteristics of market economies?

Private property

400

The government takes tax dollars from wealthy individuals and uses them to provide SNAP/EBT benefits to lower income families. Which role is the government playing in this scenario?

Redistributing income

400

Which methods of resource allocation are most common in a command economy?

Government control & equal sharing

500

What is the primary method of resource allocation in market economies?

Price / Income / Wealth / Money

500

People no longer want hot dogs, so the local restaurant stops producing them. This is an example of which characteristic of market economies?

Consumer sovereignty

500

A musician files a lawsuit because someone samples their music and doesn't pay them for it. Which role is the government playing in this scenario? 

Protecting private property rights

500

Which of the broad social goals are best achieved in a command economy?

Economic EQUITY & SECURITY