Show:
Economic Systems
American Free Enterprise system
Economic Growth and Stability
Innovation and Technology
Public goods/Welfare
100
What are the 3 economic questions?
What to produce How to produce for whom to produce
100
One of the vital services the government provides is
social security, Medicaid, medicare, education
100
What is the unemployment rate economists agree shows a healthy economy
Between 4 and 6 percent
100
A laptop is an example of an
Innovation
100
A school is an example of a
public good
200
What are the four types of economic systems?
traditional, command, free market, mixed
200
What is the term that describes what the government does in order to keep corporations financially resposible
regulation
200
To increase growth, the government may lower taxes and
increase spending
200
A portable cd player is an example of a product becoming
obsolete
200
When workers get hurt on the job they will receive
Workers compensation
300
Traditional Economies rely on
customs, traditions, habits
300
The Federal Aviation Administration (FAA) is an example of
government regulation
300
How can people participate in the economy alongside the government
by participating in referendums
300
One of the most important periods of Innovation in American History occurred during
The Industrial Revolution
300
One of the greatest problems of welfare is that too many people become
dependent
400
Individuals and government deciding what to produce is an example of what economic system
mixed
400
When the government takes over your property and compensates you for it, this is called
eminent domain
400
When a company begins producing malfunctioning products, the government may step in and impose
regulations
400
Innovation can lead to economic growth because
it leads to efficiency/goods can be produced faster
400
Noise coming from the construction of a bridge would be an example of what economic side effect
Negative externalities
500
This type of economic system allows for no competition
command economy
500
What is a major driving factor of the American Free enterprise system that makes you want to open a business
self-interest
500
This is the most important tool the government uses to see how the economy is doing
The Gross Domestic Product (GDP)
500
Name one of the most important innovators from the Industrial Revolution
Tomas Edison, Nikola Tesla, Andrew Carnegie, John Rockefeller
500
In which part of the economy do government transactions happen
Public Sector