central authority makes the major decisions about WHAT,HOW,AND WHOM to produce for.
What is command economy
100
an advantage of this economy is that everyone knows which role to play and how to play it.
What is Traditional Economy
100
Most people recognize that resources are scarce and that factors of production must be used Wisely And Efficiently.
What is Economic Efficiency?
100
The entrepreneur organizes and manages land, capital, and labor in order to seek the reward called profit.
What is The Role Of The Entrepreneur?
100
a federal program of disability and retirement benefits that covers most working people.
What is social Security?
200
A mixed Economic and political system in which the government owns and controls some,but not all, of the basic productive resources.
What is Socialism?
200
one disadvantage to this type of economy is the system gives people the incentive to fill their quotas instead of producing a good product.
What is Command Economy
200
Americans like to choose their own occupations , employes, and uses for their money.
What is Economic Freedom?
200
Allows people to own and control their possessions as they wish.
What is Private property rights??
200
This exonomy has two names . the unintended consequence of government's role as protector , provider, regulator, and consumer are the upcomings of....
What is mixed or modified free enterprise economy?
300
The lowest legal wage that can be paid to most workers.
What is Minimum Wage?
300
A political and economic system where all property us collectively, not privately, owned.
What is Mixed Economy
300
When people work they earn income by producing goods and services for others.
What is Full Employment
300
This is possible because idividual entrepreneurs have the freedom to produce the products they think will be the most profitable.
What is Competition?
300
When companies want to do business in other countries, they need to adjust their business plans meet....
What is Local customs?
400
The Act of buyers and sellers freely and willingly engaging in market transitions.
What is Voluntary Exchange?
400
This economy is dictated by habot and custom. These also control the social behavior of this economy.
What is Traditonal economy?
400
If inflation occurs then workers will need more money to deal with the rise of prices as they wait on....
What is Price Stability
400
This person is both the spark plug and the catalyst of the free enterprise economy.
What is Entrepreneur?
400
What are the major economic systems hat exist?
What is Traditional, Command, and market economies?
500
An arrangement that allows buyers and sellers to come together to exchange goods and services.
What is A Market?
500
An advantage in this economy is that if it were a democracy the people could use their electoral power to see what can affect the WHAT,HOW, AND FOR WHOM decisions even if the government owns no resources.
What is Mixed economy
500
Most people hops to have a better job, a newer car, their own home, and other materialistic wishes as those. This is why people stress the importance of education ,to earn more money.
What is Economic Growth
500
some roles for this part of the economics community are protector, provider, and regulator.
What is The U.S. Government?
500
Economic systems have goals. These goals provide a way to guide...