Baseball
In the United States, _______ and not the _______ make most of the economic decisions.
citizens
government
Both exchange what they _____ for something else that they ______—a product or money.
have
want
What is the name of Madi Harting's family business?
Three Daughters Brewery
How many years has Mr. Miano been teaching at LCC Dayschool?
7 years
When private citizens own and decide how to use the factors of production in order to make money.
Capitalism
capitalism thrives on ___________ more then anything else.
competition
Laissez-faire is a _______ term that means.....
French
"to let alone"
What number is Steven Stamkos for the Tampa Bay Lightning?
91
In the United States, we place a high value on the freedom to make our own economic decisions. People are free to buy and sell the factors of production. The factors of production are ________, _______, and ________.
land
labor
capital (money)
Under capitalism, people and businesses have....
This means they have the freedom to own and use their property as they wish.
private property rights
When the United States was formed, many of the Founders were influenced by Adam Smith's novel. What is that novel called?
The Wealth of Nations.
According to Adam Smith's philosophy, government should not interfere in the ________.
marketplace
The freedoms given to Americans and their businesses give the United States economy an important advantage over more restricted economies. These freedoms allow the marketplace to adapt quickly to changing economic conditions. As a result, the economy is more_________ and _________.
efficient
productive
Private property rights give Americans the _______, or drive, to work, save, and invest.
incentive
From the writings of Smith and others came the idea of ________.
laissez-faire
According to Adam Smith, the government should limit itself to those actions needed to make sure that ______ is allowed to take place.
Compeition
Explain what Voluntary Exchange means in economic terms.
The act of buyers and sellers freely and willingly choosing to take part in marketplace transactions. The buying and selling of any factors of production is a transaction.
Who is Adam Smith and why is he considered "the father of modern economics?"
Smith is considered to be the father of modern economics. In his book, Smith argues that the best way for society to advance is for people to work for their own self-interest, or their own well-being.
When the United States was formed, many of the Founders were influenced by Adam Smith's novel. What THREE Founding Fathers gave Adam Smith credit for the creation of the United States economic system?
James Madison
Alexander Hamilton
Thomas Jefferson
How many Olympic rings are there?
Five