Types of Economies
Government in Business
Supply and Demand
Economic Utility
Ethics
100

This economic system is characterized by private ownership.

Market Economy

100

The type of tax that is levied on what individuals and corporations earn?

Income Tax

100

This term refers to the amount of a product that consumers are willing and able to purchase at a given price.

Demand

100

This term refers to the satisfaction or pleasure derived from a good or service.

Utility

100

These beliefs are the same whether you are with friends or with family.

Ethical Principles

200

In this type of economy, the government makes all of the decisions regarding production and distribution.

Command Economy

200
The original, constitutional, role government played in business.

Referee and/or Contract Enforcement

200

When the quatity supplied exceeds the quantity demanded.

Surplus

200

The type of utility that comes from the physical characteristics of a product, such as its design or functionality.

Form Utility

200

Acting with honesty even when no one is watching.

Integrity

300

This hybrid system combines elements from both capitalism and socialism.

Mixed Economy

300

This economic policy aims to control inflation and stabilize the economy.

Monetary Policy

300
When the quantity demanded exceeds the quantity supplied.

Shortage or Scarcity

300

The type of utility derived from Holiday Decorations.

Time Utility

300

When you have to decide if something is right or wrong.

Ethical Situation

400

An economic system where everyone is just trying to make enough to survive.

Traditional Economy

400

Type of regulation that restricts the entry of foreign goods into a domestic market.

Tariff

400

The point where the supply and demand curves intersect.

Equalibrium

400

The type of utility achieved when two items that are generally used together are located next to each other.

Place Utility

400

When you treat others in the way you want to be treated.

Fairness

500

An economic system where the means of production are owned collectively.

Communism

500

This term refers to government handouts given to support businesses or sectors of the economy.

Subsidies

500

As the price of a good decreases, what happens to the demand for that good?

Demand Increases

500

The principle that consumers will allocate their resources to maximize their total utility.

Marginal Utility

500

When you listen to your coworker even though you disagree with their opinion.

Respect