Show:
Economic systems
Basic Questions
Free Market
Self-Regulation of Marketplace
Which Disney Land?
100
. The way a nation uses its resources to satisfy its people’s needs & wants
What is Economic system
100
Deals with who uses goods and services
What is who consumes these goods and services?
100
arrangement that allows buyers and sellers to exchange
What is market
100
Adam’s Smith description of competition
What is invisible hand
100
Peter Pan
What is Fantasyland
200
economic decisions based on customs & beliefs
What is traditional
200
Deals with scarcity and trade-offs
What is what should be produced?
200
person or group living in the same residence
What is household
200
one’s own personal gain
What is self interest
200
Space Mountain
What is Tomorrowland
300
government controls the factors of production
What is command/control
300
Deals with allocation of the factors of production
What is - how should goods and services be produced?
300
organization that use resources to produce a product which it sells
What is firm
300
. expectation that that encourages people to behave in a certain way
What is incentive
300
Big Thunder Mountain
What is Frontierland
400
individuals control factors of production
What is market/capitalist
400
Love for one’s country
What is patriotism
400
financial gain made in a transaction
What is – profit
400
power of consumers to decide what gets produced
What is consumer sovereignty
400
Roger Rabbit
What is Toon Town
500
system that U.S. has
What is mixed
500
Money payment for work, health care, etc
What is – factor payments
500
market in which firms purchase the factors of production from households
What is market in
500
struggle among producers for the dollars of consumers
What is competition
500
City Hall
What is Main Street