Show:
KEY TERMS
ECONOMIC DECISION MAKING
AMERICAN ECONOMIC SYSTEM
EVER CHANGING ECONOMY
MISCELLANEOUS
100
An official document that gives someone exclusive rights to something
What is a patent?
100
An example of an economic decision
What is answer will vary?
100
Another name for "free enterprise"
What is capitalism?
100
In 20th century, progressive reforms broke up many of these
What are monopolies?
100
An economy that lets you only make enough products to survive.
What is a Traditional Economy?
200
An economic rule that affects price
What is the law of supply and demand?
200
Future financial arrangements
What is a saving plan?
200
If the supply goes up, the cost does this
What is decrease?
200
From the 1980's til today these revolutionized business
What are computers?
200
An Economy where the government has all economic power and the people have none.
What is a Command Economy?
300
The total value of all goods and services produced in Maine each year
What is the Gross State Product or GSP?
300
When supplies are limited
What is scarcity?
300
A producer's main goal is this
What is making a profit?
300
What historic event in the Mid 20th Century brought economic prosperity
What is World War II?
300
What is L. L. Bean's Founder's full name.
What is Leon Leonwood Bean?
400
The opposite of capitalism
What is communism?
400
Habitual expenditures
What are spending habits?
400
This take power away from consumers and give it to producers
What is Monopoly?
400
This was the main occupation for most in the Early to Mid-18th Century
What is farming?
400
An Economic system where the people make some of the decisions and the government makes some of the decisions .
What is a Mixed Economy?
500
An economic system of private ownership of business
What is capitalism?
500
Special deals to entice buyers to purchase products
What are incentives?
500
Where you trade necessities like food and clothing for other needed items
What is a barter economy?
500
New York Stock Market crash sets of this in 1929
What is The Great Depression?
500
After World War II, what kind of economy did Great Britain develop.
What is a Mixed Economy?