In __________________, government controls and may own many of the resources.
What is socialism?
100
Resources are owned and controlled by private individuals in what type of economic system?
What is a Free enterprise or market economic system?
100
A(n) ______________________ is defined by how a society answers the three economic questions.
What is an Economic System?
100
One of the major benefits of globalization has been an increase in _______________.
What is standard of living or life expectancy?
100
The way all of a country's income is divided among a group of earners is called _________ distribution. [The answer is in the question]
What is income?
200
In this economy, people pass on customs, skills, and cultural beliefs from one generation to the next.
What is a a Traditional economy?
200
The first economic question every society has to answer is _________________.
What is what goods to produce?
200
Work done for a company by people who live in other countries is called ______________.
What is offshoring?
200
Requiring strict obedience to an authority, such as a dictator.How a society answers the three economic questions defines its ___________ system.
What is economic?
200
Which of the following is not one of the three economic questions? What goods will be produced? How will goods be produced? How much will be produced? For whom will the goods be produced?
What is How much will be produced?
300
With globalization, the world is moving toward _________ ________ ________.
What is one large economy?
300
This free market philosopher believed that in each transaction in the market economy, the buyer and seller consider only their self-interest, or their own personal gain. He said self-interest is a motivating force and _______________ is a regulating force; together this "invisible hand" works together to regulate the marketplace.
What is competition?
300
The question of what goods will be produced must be answered because ____________ exists.
What is scarcity?
300
Which of the Following countries must decide what goods will be produced:United States, Russia, China?
What is all of them?
300
Adam Smith believed that people's actions are led by "an invisible _______."
What is hand?
400
What are the two major economic systems?
What are free enterprise and socialism?
400
An arrangement that allows buyers and sellers to exchange things.
What is a market?
400
In this system, __________________, less attention is paid to income distribution than in a socialist economic system.
What is a free enterprise system?
400
Under this system, ____________, government decision makers write an economic plan.
What is Socialism?
400
Name the economic system that has similar characteristics of socialism.
What is Communism or a Command Economy?
500
Karl Marx believes that all value in produced goods comes from labor. He is best know for writing Das _________.
What is Kapital?
500
Globalization began to occur in the mid-1800s to the late ___________.
What is 1920s?
500
Name the Economist who believes that self-interest causes people to work hard and take risks, therefore benefiting society.
Who is Adam Smith?
500
Critics of Globalization argue that large business, or ______________ will take over the economy.
What are corporations?
500
Adam Smith is known for writing ________ ____ ________.