An economic system that has some combination of traditional, command, and market economies.
What is a mixed economy?
100
Includes the belief in equal pay for equal work.
What is economic equity?
100
The act of buyers and sellers freely and willingly engaging in market transactions.
What is voluntary exchange?
100
The way in which a society provides for the wants and needs of its people.
What is an economic system?
100
The lowest legal wage that can be paid to most workers.
What is minimum wage?
200
An economic and political system in which the government in which the government owns and controls some factors of production.
What is communism?
200
Protection from such adverse economic events as layoffs and illness.
What is economic security?
200
Freedom to choose your own occupations, employers, and uses for your money.
What is economic freedom?
200
Extent to which persons or organizations are better off financially at the end of a period than they were at the beginning.
What is profit?
200
A federal program of disability and retirement benefits that covers most working people.
What is social security?
300
An economic system in which supply, demand, and the price system help make economic decisions and allocate resources.
What is a market economy?
300
When resources are not wasted, goods and services can be produced, and wants and needs can be satisfied.
What is economic efficiency?
300
The struggle among sellers to attract consumers.
What is competition?
300
The rise in the general level of prices.
What is inflation?
300
The role of the consumer as the ruler of the market when determining the types of goods and services produced.
What is consumer sovereignty?
400
A political and economic system in which the government owns and controls some factors of production.
What is socialism?
400
An economic system that provides as many jobs as possible.
What is full employment?
400
Allow people to own and control their own control their possessions as they wish.
What are private property rights?
400
A meeting place or mechanism that allows buyers and sellers to come together.
What is a market?
400
A capitalistic economy in which competition is allowed to flourish with a minimum of government interference.
What is free enterprise?
500
Advantage: Heath and public services are available to everyone at little or no cost.
Disadvantage: Gives people incentive to fill their quotas instead of producing a good product.
What is a command economy?
500
Enables people to have more goods and services such as a new car and a bigger house.
What is economic growth?
500
The incentive that encourages people and organizations to improve their material well-being.
What is the profit motive?
500
Economy where people carry on their economic affairs freely but are subject to some government intervention and regulation.
What is a mixed/modified free enterprise economy?
500
An economic system with a central authority that makes the major economic decisions.