Key Terms
These are known as the 3 economic questions raised by scarcity.
What Will be Produced?
How will it be produced?
For whom will it be produced?
The rights of individuals and groups to own resources.
What is private property rights?
A system in which the central government officials make all economic decisions.
What is a centrally planned economy?
The main goal of a traditional economy.
What is survive?
Has elements of all economic systems.
What is a mixed economy?
These are known as the factors of production.
What is land, labor, capital, entrepreneurship?
This acts a regulator in market systems.
What is competition?
This system the government owns some of the factors of production.
What is socialism?
What are hunters?
Means to change from private ownership to public ownership.
What is nationalize?
The wat a society uses its scarce resources to satisfy its peoples unlimited wants.
What is an economic system?
When 2 parties believe what they are giving up is worth what they are getting.
What is Voluntary Exchange?
What is communism?
Common job that the women tend to work.
What is tending to crops or raising children?
Means to change from government ownership to private ownwership.
What is Privatization?
Leave things alone.
What is Laissez Faire?
This is used to show how a market economies operate.
What is a circular flow model?
According to Karl Marx History is _____________
What is a struggle between classes? (Between rich and poor) (Workers and factory owners)
This causes Traditional Economies to be less productive.
Refers to all international economic activity.
What is global economy?
This person created the term invisible hand.
Who is Adam Smith?
In this place businesses are the consumers and individuals are producers.
What is the factor market?
Karl Marx predicted this would happen.
The poor will overturn the rich and takeover the factories to make them public.
Wrote the Communist Manifesto.
Who is Karl Marx?
This makes global transactions easier.
What are computer linkages?