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People
Demand
American Free Enterprise
Government
Features and Factors
100
Adam Smith
Who wrote about the "invisible hand" involved in economics? He encouraged a free market system, rather than governments making economic/business decisions.
100
Availability for a good or service and the ability to pay for it.
What two factors are necessary for demand?
100

Free enterprise system 

What is another name for capitalism, an economic system based on private ownership of productive resources? 

100
Socialism
What is an economic system in which the government owns some or all of the factors of production, developed from the ideas of Marx.
100

Factors of production 

Land, labor, capital, and entreneurship 

200
Karl Marx
Who predicted that in time, workers would overthrow the industrial system?
200
Market Demand Curve
What is a graph showing how much of a product a market is willing and able to buy?
200

The most fundamental freedoms in a free enterprise system 

What is the right to private property? 

200
Communism
What is a more extreme form of socialism, in which there is no private property ownership and little or no political freedom.
200

Three economic Questions 

What is will be produced, how will it be produced, and for whom will it be produced. 

300
Adam Smith
Who wrote The Wealth of Nations?
300
Demand Schedule 

What is a table that shows how much of a good or service an individual consumer is willing and able to purchase at each price in a market?  

300

Open opportunity 

What is the ability of everyone to take part in the market by free choice

300
Authoritarian
What is a government system that requires absolute obedience to authority.
300

3 of the 5 features of a market economy 

What is private property  and markets, limited government involvement, voluntary exchange in markets, competition, and consumer sovereignty, and specialized markets 

400

Milton Friedman

Who wrote Free to Choose? 

400

demand curve 

What is a graph that shows how much a good or service an individual will buy at each price?

400

public goods 

What are products are provided by federal, state, and local governments and consumed by the public? 

400
The United States economic system

What is modified free enterprise economy? 

400

Any change in demand will cause the curve to 

What causes the curve to shift to the right or left 

500

Jahmira Rogers 

Who teaches economics at ASCS? 

500

law of diminishing marginal utility 

What is stated is that the marginal benefits of using each additional unit of a product during a given period will decline.

500

externality 

What is a side effect of a product that affects someone other than the producer or the buyer. 

500
Command Economy
What is a type of economy where the government decides what goods and services will be produced and how they will be distributed?
500

4 of the six factors that cause change in demand 

What is income, market size, consumer taste, consumer expectations, substitute goods, complementary goods