Show:
Principles of
Free Enterprise
Circular Flow Model
Changes in the
Market
Contributions to the Market
Sticken it to the man
100
This is what businesses are motivated by.
What is Profit
100
This is when the government is "making" money.
What is Taxes.
100
This is the actually title of our "free enterprise" because we do have government involvement.
What is modified free enterprise
100
These are funded by government taxes and given as a group. (an example would be city lights)
What is Public Goods
100
A person who benefits from the payment of others without paying themselves.
What is a Free Rider
200
This is the ablility of all to participate or not participate in the markent place.
What is Open Opportunity
200
This is the idea of consumers purchasing from the product market.
What is Consumer Spending
200
A side effect from a transition in the market.
What is an externality
200
A government payment that helps cover the cost of an economic activity.
What is a subsidy
200
A program funded by the government to protect people in case of economic hardship.
What is a safety net
300
Everyone has the same protections under the law.
What is Legal Equality
300
The market which businesses pay into.
What is the factor market
300
A manufacturing company polluting a nearby river would be an example of a _________ __________
What is a negative externality
300
All the goods and services nessicary for society to function.
What is infrastructure.
300
A check from a relative on your birthday is an example of a _______ _______ where as Social security is an example of a _____ _______ _______.
What is a Transfer Payment ; Public Transfer Payment
400
This is another name for free enterprise.
What is Capitolism
400
The group at the middle of the cicular flow model.
What is the government
400
When someone other than the parties involved in the interaction benefit or pay from the interaction even though they had no part in it.
What is Market Failure
400
The government supplies public goods and infrastructure because. . . (what would happen if they did not)
it is good for the common good of the people. If they did not the people who controlled the roads would control everyone. There would be a lot of conflict over who had control of the infrastructure.
400
Private sector jobs being brough under government control it is _________. Government areas that are given to private free market it is _________.
What is Nationalization; privitization
500
Explain how each role in a free enterprise system keeps the other in check (government, consumer, and businesses)
What is Gov- regulate business, tax and spend on consumer, Business- Give $$ to campaigns and supply consumers with goods. Consumers- vote for gov. officials and create demand for businesses goods.
500
the full circle of spending of the circular flow model.
What is Consumer spending into product market (buying a good) which creates business revenue. Businesses in turn purchase goods from the factor market in payments which result in income for consumers.
500
Explain how "consumers vote with their wallets"
What is the act of purchasing a good is really consumer voting for which one they prefer compared to all the others.
500
The poll that shows who people are feeling about our economy.
What is the consumer confidence index
500
Merchants and traders is an example of. . .
What is Supply and Demand