Yeltsin Shattered
Boris Yeltsin was a political leader from here.
What is the former Soviet Union?
What, How and For Whom.
What are the 3 fundamental economic questions?
This econ value tries to ensure that everyone has a fair share of the economic pie.
What is ECONOMIC EQUITY?
This econ system coordinates the three questions through customs and "how its always been done:"
What is the TRADITIONAL economic system?
Name for the economic model where one person's output becomes another person's input.
What is the CIRCULAR FLOW MODEL?
Yeltsin visited this type of place on a visit to Houston.
What is a grocery store?
In the market system the answer is what is most wanted and needed.
What goods and services are to be produced?
The goal of ECONOMIC EFFICIENCY strives to do this with resources:
What is "use them to their fullest/ full employment of resources/ efficient?"
This is the product being produced in the Inuit Eskimo example from Ms. Woods:
What is the ceremonial outfit for 15 year olds "gummed" by the granny?
Person or group of people living together & making shared econ decisions.
What is a HOUSEHOLD?
Yeltsin saw THIS on his visit (list at least 2 things that amazed him).
What is fully stocked shelves, displays of various foods, no apparent shortages...?
How are goods and services produced?
The US places a high priority on this value of individuals & businesses making choices.
What is the value of ECONOMIC FREEDOM?
This is how decisions about what, how and for whom are made in a Command economy:
What is "they are made by a powerful ruler/government?"
Market where goods and services are sold by firms and purchased by households.
What is the PRODUCT market?
He made this comparison of his visit to his home country.
What is that the Soviet Union stores had scarce goods/shortages, few options and long lines?
The answer to this question is a complicated question of fairness.
For whom are the goods and services produced?
This value leads countries to provide for their less fortunate or needy (ie., elders):
What is ECONOMIC SECURITY?
This is the newest of the economic systems to appear.
What is the MARKET econ system?
In this market households sell their land, labor and capital (investments) to firms.
What is the FACTOR market?
Yeltsin's view of this (econ system) was shattered.
What is communism as an economic system?
List at least three ways the distribution of goods and services happens in our country and others:
What are ability to pay, equal distribution, first come/first serve, need, luck, lottery, who you know?
We know this about prices and our jobs if we have this value in effect:
What is we can count on our jobs and predictable prices?
Cuba, North Korea are examples of this econ system.
What is COMMAND econ system?
Funds paid to households (list at least two forms):
What are wages, rent and interest?