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Economic Systems
The Free Market
Central Planning
Modern Economies
American Free Enterprise
100
The 3 questions all economic systems ask are "What goods will be produced", "How will goods be produced"
What is "Who will get the goods that are produced"?
100
An individual or group of individuals living together
What is a household?
100
A form of economy where equality is maintained through democratic means
What is socialism?
100
Most modern economies operate under THIS economic system
What is Mixed Economy?
100
The ultimate motive in the American marketplace is the pursuit of this
What is profit
200
An economic system based on voluntary exchanges
What is a market economy?
200
Capitalism states that all human actions are motivated by this
What is Self-Interest?
200
An economic system where all decisions are made by a central government
What is communism?
200
The total value of all goods and services produced in a nation
What is the GDP?
200
A government based retirement program that is slowly going bankrupt.
What is Social Security?
300
An economic system based on custom and ritual
What is a traditional economy?
300
This man is the father of capitalism
Who is Adam Smith?
300
The first leader of communist Russia
Who is Vladimir Lenin?
300
a line without beginning or end
What is a Continuum?
300
The name of a government program designed to assist you with money when you are fired from your previously held job
What is Unemployment?
400
An economy where all decisions are made by a central authority
What is a command economy?
400
The concentration of the productive efforts of individuals and firms on a limited number of activities
What is Specialization?
400
An industry that creates capital for use in other industries
What is Heavy Industry?
400
Nations moving from one form of economy to another is doing this
What is transitioning
400
the process of studying whole nations and even global economic trends
What is Macroeconomics?
500
An economy based on a free market with limited government intervention
What is a mixed economy
500
The idea that the market is self-regulating and needs no interference
What is the "Invisible Hand"?
500
The meaning of the acronym "USSR"
What is United Soviet Socialist Republics?
500
this is when a government purchases private industry so the nation can control it
What is Nationalization?
500
All non-monetary programs to assist the poor by the government are know as this
What is In-Kind Benefits?