The fairness with which an economy distributes its resources
What is economic equity?
100
Income earned when an individual sells or rents a factor of production that she or he owns. Wages are factor payments made to workers in exchange for their labor (why, there's a clue!)
What is a factor payment?
100
When an economy produces more an better services it is said to be experiencing this:
What is economic growth?
100
In a circular flow model of a mixed economy government gives out payments to both business and households. How does government pay for these payments?
What are taxes?
100
The right to own property and not have it taken without court ruling and fair payment are examples of:
What are property rights?
200
A society's way of coordinating the production and consumption of goods and services
What is an economic system?
200
An economic system (most modern systems) in which both individuals and government play important roles in production and consumption.
What is a mixed economy?
200
Providing less fortunate members with the economic support they need is increasing what for these people?
What is economic security?
200
In a free enterprise system who owns the factors of production
Who are individuals?
200
patents and copyrights protect what kind of property?
What is intellectual property?
300
An economic system in which decisions about production and consumption are based on custom and tradition. (Your mother and father were goat herders.)
What is a traditional economy?
300
An economic system in which the means of production are mostly privately owned and operated for profit.
What is a free enterprise system?
300
Having the goods and services, such as electricity and clean water there when we need them, jobs we can go to and predictable prices are signs of-
What is economic stability
300
Businesses are encouraged to provide better goods and services when another business selling the same products arrives on the scene. This is called:
What is competition?
300
What is an important motive that acts as an incentive in business?
What is the profit motive?
400
An economic system in which decisions about production and consumption are made by a powerful ruler or government.
What is a command economy?
400
What the ability to make our own economic decisions without interference from the government is called:
What is economic freedom?
400
In a circular flow model of a market economy land, labor and capital flow to business. What flows to households?
What are goods and services?
400
The belief that every citizen should be afforded the chance to compete in the workplace is a belief in:
What is equal opportunity?
400
Government is limited in a free market economy but does at times intervene. When an economy looks weak or becomes so, what does the government act to do?
What is stabilize the economy?
500
An economic system in which decisions are left up to individual producers and consumers.
What is a market economy?
500
The three fundamental Economic questions-
What goods and services are to be produced? How are goods and services to be produced? For whom are goods and services to be produced?
500
Is capitalism synonymous with a socialist, communist or free market economic system?
What is a free market system (I don't know why this is worth 500 either)
500
Signed agreements to do business, borrow money or purchase something with a credit card are examples of:
What are binding contracts?
500
Name two other functions of government in a free enterprise system?
What are protecting property rights and contracts, promote the general welfare, preserve competition, stabilizing the economy, protecting consumers, workers and the environment?