Show:
Answering the 3 Economic Questions
Answering the 3 Economic Questions II
The Free Market
The Free Market II
Terms You Will Have to Define
100
method used by a society to produce and distribute goods and services
What is Economic System
100
love of one’s country
What is Patriotism
100
an arrangement that allows buyers and sellers to exchange things
What is the Market
100
a person’s own personal gain
What is Self-Interest?
100
making the most of the resources available
What is Economic Efficiency
200
a set of gov’t programs that protect people who experience unfavorable economic conditions
What is a Safety Net?
200
the level of economic prosperity
What is the Standard of Living
200
person/persons living in the same residence
What is a Household
200
the financial gain made from a transaction
What is a Profit
200
freedom from gov’t intervention in the production of goods & services.
What is Economic Freedom
300
economic decisions are similar to that of market economy, but with small role of gov’t
What is Mixed Economy
300
economic decisions are based on individuals’ consumption of goods and services
What is Market Economy
300
organization that uses resources to creates products
What is a Firm
300
the concentration of the productive efforts of individuals on a limited number of activities
What is Specialization
300
assurance that goods, services, payments, and safety net are available
What is Economic Security & Predictability
400
economic decisions are based on habit, custom, or ritual
What is Traditional Economy
400
all economic decisions are made by a central government
What is Centrally Planned Economy
400
an expectation that encourages people to act a certain way
What is Incentive
400
the struggle among producers for the dollars of consumers
What is Competition
400
fair distribution of wealth
What is Economic Equity
500
the income people receive for supplying factors of production
What are Factor Payments
500
the power of consumers to decide what gets purchased
What is Consumer Sovereignty
500
market where firms purchase the factors of production from households
What is a Factor Market
500
market where households purchase the goods and services from firms
What is a Product Market
500
a nation’s standard of living must grow through innovation
What is Economic Growth & Innovation