1
A farmer decides to plant corn because prices of corn are above normal is an example of which Fundamental Economic Question?
What to produce
People being able to make their own economic decisions is an example of what Economic Goals?
Economic Freedom
Which Economic System has decisions about production and consumption are based on consumers and producers decisions?
Market
Which Economic system has all economic decisions made by the government?
Command
Who controls the Factors of Production in a Market System?
The producers
Who was the founder of communism?
Karl Marx
When an economy tries to have production as close to the Production Possibilities Curve as possible is an example of which Economic Goal?
Economic Efficiency
Who controls the Factors of Production in a Command System?
The government
Protecting those that are unable to participate in the economy is an example of which Economic Goals?
Economic Security
By need. It's distributed evenly to the community.
Which Economic System distributes goods evenly between the members of the community?
Which Fundamental Economic Question decides how to use the Factors of Production?
How to produce
What does Laissez-Faire mean?
Let them do. Allow people to decide whatever they want to buy
Which Economic System would make little changes to factors of production over time.
Traditional
What is most significant driving force in a free enterprise system?
Profit motive
In a Market Economic System, how is it decided who gets what?
Price
In the United States, who protect property ownership and in forces contracts?
The government
Everyone having the right to participate in the economy is an example of what Economic Goal?
Economic Equity
Economic Stability
What is it called when the government provides goods and services that the market will not?
Public Works
Prices put on products will answer which Fundamental Economic Question?
For whom to produce
Why is it important to have competition in a free enterprise economic system? Get a $100 bonus if you can name all 3
Lower prices
More choices
Better prices
Which Economic System decides what to produce by what has been produced in the past
Traditional
How would putting government control on the medical industry hurt the American people?
What was one of the two causes of the collapse of the Soviet Union's economy? Bonus $100 if you answer both!
Unable to control supply/prices of all goods
or
No motivation for workers to work hard