a period of rapid industrial growth and development during the 1700s and 1800s
What is Industrial Revolution
100
an economic system in which both the government and individuals play important roles in production and consumption; most modern economies are mixed economies
What is Mixed Economy
100
an economic system in which the means of production are mostly privately owned and operated for profit
Protecting property rights and contracts.
Promoting the general welfare. .
Preserving competition.
Protecting consumers, workers, and the environment.
Stabilizing the economy.
What is Limited Government Roles
300
Cause of difficult choices
What is Scarcity
300
individual producers and consumers
What is market economy
300
a political and economic philosophy based on collective or government ownership of a society’s resources and means of production, with the goal of achieving social and economic equality
What is Socialism
300
government-financed projects such as dams, highways, and bridges
What is Public Works
300
Economic freedom, stability, competition, equal opportunity ,binding contracts, property rights , profit motive, limited government .
What is Characteristics of the U.S. Economic System
400
Resources to produce goods and services
What is land, labor, and capital
400
a diagram that shows the circular movement of money, resources, and goods and services among households and producers in an economy
What is circular flow model
400
a political and economic system in which all property and wealth is collectively owned by all members of society; the final stage of socialism in Marxist theory
What is Communism
400
a government payment to a household or firm for which the payer receives no good or service in return; examples include Social Security checks and unemployment benefits
What is Transfer Payment
400
Affordable Care Act
What is Obama Care
500
resources are limited
What is scarcity forces tradeoffs
500
economic system in which the workings of the market are not planned or directed