Show:
Economic Systems
Famous Economists
Models
Business Organizations
Empty
100
Cuba and North Korea have this type of economic system.
What is communism?
100
This famous economist is deemed the father of capitalism and wrote "The Wealth of Nations."
Who is Adam Smith?
100
Rivers and trees are examples of this factor of production.
What is "land?"
100
This business organization has unlimited liabilty and one owner.
What is a sole proprietorship?
100
He is known as the "Father of the Constitution."
Who is James Madison?
200
This economic system has a variety of goods and responsive prices.
What is the free enterprise system / capitalism?
200
This economist advocated government intervention in the economy during the Great Depression.
Who is John Maynard Keynes?
200
In the circular flow model, this market involves selling finished goods.
What is the product market?
200
This economic system raises capital by selling shares of stock.
What is a corporation?
200
These are the first 10 Amendments to the Constitution.
What is the Bill of Rights?
300
The governments controls the economy in this type of economic system.
What is communism?
300
This Austrian economist wrote "The Road to Serfdom."
Who is Friedrich Hayek?
300
These are the two sectors in the circular flow model.
What are households and businesses?
300
This business organization has shared decision-making.
What is a partnership?
300
This is the concept of separate branches of the government having powers over each other.
What is "checks and balances?"
400
This type of economic system involves some government control, but also allows individuals to own private property.
What is socialism?
400
This economist believed that the government printing too much money was the cause of problems in the economy.
Who is Milton Friedman?
400
A country is called this if, on a production possibilities curve, they are operating inside the line.
What is inefficient?
400
This type of corporation is owned by friends and family members.
What is a privately-held / closely-held corporation?
400
The Constitution set up this body to elect the President of the United States.
What is the electoral college?
500
Traditional economies have already answered these three basic economic questions.
What are "what will be produced," "how will it be produced," and "for whom will it be produced?"
500
On a production possibilities curve, a country can shift its line outward if it does this.
What is increase its resouces or develop new technology?
500
This type of business organization limits responsibility for all partners.
What is a limited liabilty partnership?
500
This set of 85 essays were written in support of the Constitution by James Madison, Alexander Hamilton, and John Jay.
What are the Federalist Papers?