This economic system is characterized by private ownership.
Market Economy
The type of tax that is levied on what individuals and corporations earn?
Income Tax
This term refers to the amount of a product that consumers are willing and able to purchase at a given price.
Demand
This term refers to the satisfaction or pleasure derived from a good or service.
Utility
These beliefs are the same whether you are with friends or with family.
Ethical Principles
In this type of economy, the government makes all of the decisions regarding production and distribution.
Command Economy
Referee and/or Contract Enforcement
When the quatity supplied exceeds the quantity demanded.
Surplus
The type of utility that comes from the physical characteristics of a product, such as its design or functionality.
Form Utility
Acting with honesty even when no one is watching.
Integrity
This hybrid system combines elements from both capitalism and socialism.
Mixed Economy
This economic policy aims to control inflation and stabilize the economy.
Monetary Policy
Shortage or Scarcity
The type of utility derived from Holiday Decorations.
Time Utility
When you have to decide if something is right or wrong.
Ethical Situation
An economic system where everyone is just trying to make enough to survive.
Traditional Economy
Type of regulation that restricts the entry of foreign goods into a domestic market.
Tariff
The point where the supply and demand curves intersect.
Equalibrium
The type of utility achieved when two items that are generally used together are located next to each other.
Place Utility
When you treat others in the way you want to be treated.
Fairness
An economic system where the means of production are owned collectively.
Communism
This term refers to government handouts given to support businesses or sectors of the economy.
Subsidies
As the price of a good decreases, what happens to the demand for that good?
Demand Increases
The principle that consumers will allocate their resources to maximize their total utility.
Marginal Utility
When you listen to your coworker even though you disagree with their opinion.
Respect