System in which the government controls the factors of production and makes all decisions about their use.
What is Command system?
100
The result of limited resources and unlimited wants.
What is scarcity?
100
This branch of economic theory deals with behavior and decision making by small units such as individuals and firms.
What is microeconomics?
100
Rivalry among producers or sellers of similar goods and services to win more business is known as this.
What is competition?
100
The narraortor of "Capitalism: A Love Story."
Who is Michael Moore?
200
System in which economic decisions are based on customs and beliefs that have been handed down from generation to generation.
What is traditional economy?
200
This graph shows the maximum combinations of goods and services that can be produced from a fixed amount of resources.
What is Production possibilities curve?
200
When individuals take risks to develop new products and start new businesses in order to make profits.
What is an entrepreneur?
200
Whatever is owned by individuals rather than by the government.
What is private property?
200
The founder of Socialism...
Who is Karl Marx?
300
System combining characteristics of more than one type of economy.
What is mixed economy?
300
What economic system does Michael Moore recommend the US adopt at the end of his movie?
What is Democracy?
300
Sacrificing one good or series to purchase another
What is a trade-off?
300
This characteristic means that buyers make the decisions about what should be produced.
What is freedom of choice?
300
This system supports revolution as a mans to overthrow capitalism and bring about socialists goals; the entire economy is controlled by a central government, also called communism...
What is authoritarian socialism?
400
System in which individuals own the factors of production and make economic decisions through free interactions while looking out for their own or families' best interests.
What is market economy?
400
What city does Michael Moore concentrate on in his movie?
What is Detroit or Flint MI?
400
The value of the next best alternative given up for the alternative that was chosen.
What is opportunity cost?
400
The desire to make money motivates Americans to produce and sell goods and services is known as this....
What is profit incentive?
400
Resources of land, labor, capital, and entrepreneurship used to produce goods and services are known as this.
What are factors of production?
500
The three basic questions every economic system must answer include:
What is 1. What should be produced? 2. How should it be produced? 3. For whom should it be produced?
1. What
2. How
3. For whom
500
The federal income tax is this....
What is a progressive tax?
500
There are four factors of production; name two of them.
What is
Land
Labor
Capital
Entrepreneur
500
Since the 1880's this characteristic has increased significantly. It includes such agencies as FDA, EPA, and FAA.
What is limited role of government?
500
Symbolism, exaggeration, labeling, analogy and irony are used to create persuasive techniques in this form of communication (publication)