Economic Systems
16. The United States is best characterized as this type of economic system?
What is a mixed economy?
8. From the French for "to undertake," it’s the term for a person who organizes, operates, and assumes the risk for a new business venture.
What is an entrepreneur?
3. It’s the fundamental economic problem that arises because human wants are unlimited, but resources are finite.
What is scarcity?
12. Man-made tools, machines, and buildings used to produce other goods (like a tractor or a laptop).
What is capital?
15. This streaming giant, known for Stranger Things, recently made headlines by walking away from a massive merger deal, choosing to focus on its own "Live Sports" expansion instead.
What is Netflix?
9. In this economic system, decisions are based on long-standing customs, beliefs, and habits passed down from ancestors.
What is a traditional economy?
1. In this legal business structure, two or more individuals share ownership, as well as the profits and liabilities of the company.
What is a partnership?
11. In economics, this concept isn't just "wanting" a product; it is the desire, willingness, and ability of a consumer to purchase a specific quantity at a given price.
What is demand?
2. This term describes a general increase in prices and a fall in the purchasing value of money over time.
What is inflation?
19. After four years of military service, all seven members of this global K-pop sensation reunited this month for a massive comeback concert in Seoul titled "Arirang."
Who is BTS?
4. While most nations use "mixed" systems, this reclusive East Asian nation led by Kim Jong Un remains one of the world's few strictly command economies.
What is North Korea?
18. Though this individual business owner enjoys total control and all of the profits, they also face the "unlimited" risk of their personal assets being seized to pay for company losses.
Sole-proprietor
17. The point where the supply and demand curve intersect; both buyers and sellers are happy with the price.
What is equilibrium price?
7. Often simply called "The Fed," it serves as the central bank of the United States and regulates the nation's monetary policy.
What is the federal reserve?
14. This week, the Supreme Court declined to hear a dispute over whether creative material generated by this technology can be granted copyright protection.
What is AI?
13. In a free market economy, prices are primarily determined by the interaction of these two "laws," one representing buyers and the other sellers.
What is Supply & Demand?
6. This type of business entity is owned by shareholders and offers "limited liability," meaning it is treated as a person separate from its owners in the eyes of the law.
What is a corporation?
21. This economic principle describes the total amount of a specific good or service that is available to consumers and typically increases as the market price rises.
What is supply?
24. When Mr. Tolhurst opens a new cafe across the street from Starbucks, the company lowers their prices and adds a loyalty card program, demonstrating this word for rivalry between sellers.
What is "competition"?
5. This 11th-seeded "Rams" team came back from a 19-point deficit to beat No. 6 North Carolina in overtime this Thursday.
What is VCU?
23. In this economic system, individuals and businesses are owners and decision makers for the private sector, while the government is the owner and decision maker for the public sector.
What is a mixed economy?
22.The process by which countries, businesses, and people become more connected and interdependent worldwide.
What is globalization?
25. From firefighters to national defense, these are provided by the government because they are "non-rival," meaning one person's use doesn't reduce their availability to others.
What are public goods and services?
20. When Ms. Weed sets aside part of her paycheck for an emergency fund and pays her credit card in full each month, she is demonstrating this two-word concept.
What is financially responsibile?
10. This Youtuber turned boxer is currently recovering from a broken jaw following his knockout loss to Anthony Joshua in December 2025.
Who is Jake Paul?