Types of Economies
This type of economic system relies on the government rather than producers and consumers to answer the three basic economic questions.
Command Economy
This is another name for a business.
Think Morgan & Morgan
Firm
What type of economy does the U.S. have?
Mixed Economy
This gives an inventor the exclusive right to sell a product for 20 years.
Patent
These are shared goods or services that every member of society can use
Public Goods
This type of economic system has some market-based elements and some level of government involvement
Mixed Economy
This is what economists call the struggle among producers for the dollars of consumers.
Competition
This is the right of a government to take private property for public use.
Eminent Domain
This is the amount of money a business receives in excess of its expenses.
Profit
In a mixed economy who ultimately decides if a product succeeds or fails?
The Customer
This economic system and political system allows for ownership of some private property and calls for an even distribution of wealth.
Socialism
The arena of exchange in which households purchase goods and services from firms Think Publix
Product Market
This drives individuals and businesses to make decisions to improve their material well-being.
Profit Motive
What are the three key economic questions?
What to produce, How to produce, and Who consumes these goods.
This principle states that anyone can compete in the open market.
Open Opportunity
This economic system relies on habit, custom, or ritual to answer the three basic economic questions.
Traditional Economy
This is the concentration of productive efforts of a business on a limited number of activities
Specialization
This French doctrine states that the government should not intervene in the market place.
Laissez Faire
This is the process of bringing new methods, products, or ideas into use
Innovation
These are laws that require companies to inform customers about their products or services. Think those pesky vehicle recall notices.
Public Disclosure Laws
This is a level of economic prosperity.
Standard of living
When businesses fight for your dollar relying on their style, service, or location they are using what method?
Non-Price Competition
This principle states that people decide what, when, and how, they want to buy and sell goods.
Voluntary Exchange
This is a set of government programs that protect people who face unfavorable economic conditions
Safety Net
This is the total value of all final goods and services produced in a country in a given year
Gross Domestic Product