Economic Goals
The ability to make personal economic choices without government interference.
Economic Freedom
Economic system based on customs, traditions, and historical practices.
Traditional Economy
The fundamental economic problem of having limited resources and unlimited wants.
Scarcity
A term introduced by Adam Smith that describes the self-regulating nature of markets.
The Invisible Hand
This famous pop artist sang an alternate version of "Let it Go" on the Disney soundtrack for Frozen
Demi Lovato
Maximizing the use of resources to produce goods and services without waste.
Economic Efficiency
An economy where the government makes most of the decisions about production and distribution.
Command Economy
The value of the next best alternative that is forgone when making a choice.
Opportunity Cos
The central bank of the United States that regulates monetary policy.
The Federal Reserve
These two basketball players wore #23
Ensuring fairness in the distribution of resources and wealth.
Economic Equity
A system where supply and demand determine production and pricing.
Market Economy
A factor that motivates individuals to take specific actions.
Incentives
The economic law that describes how price and quantity are determined in a market.
Supply and Demand
This iconic rap group, originally from Compton, California, was founded by Dr. Dre and included Ice Cube, MC Ren, and DJ Yella.
N.W.A.
The goal of increasing the economy’s total production over time.
Economic Growth
This system typically has little government intervention in economic decisions.
laissez-faire
The study of the economy as a whole, including national issues.
Macroeconomics
The global conflict from 1914-1918 that reshaped world politics.
World War 1
This Italian city is home to the famous Leaning Tower, part of the cathedral complex in Piazza dei Miracoli.
What is Pisa?
The goal of protecting individuals from economic risks like unemployment.
Economic Security
This economic system is influenced by family roles, government directives, or market signals.
Mixed Economy
The study of individual businesses and how they allocate scarce resources.
Microeconomics
The 44th President of the US
Barak Obama
This planet, named after the Roman god of the sea, is the eighth and farthest from the Sun in our solar system
Neptune