What is the economic system that is practiced by many Western European Countries?
What is Capitalism
100
In what economic system model are decisions made by the individual?
What is market model
100
Which country would you find on the far left-side of the mixed economy continuum? (Less Market Allocation, More Government Allocation?)
What is North Korea or China
100
The basic fact of economic life is what?
What is Scarcity
100
What is an entrepreneur is called what?
What is risk-taker
200
What is the mixed economy that is closest to the command model?
What is Authoritarian Socialism
200
What is the name of the economics system model where the government officials made all the economic decisions?
What is a command economy
200
Which economic system would you find right in the middle of the mixed economies continuum?
What is Socialism
200
The factors of production are what?
What is Land (natural resources), Labor (human resources), capital (capital resources), entrepreneurship
200
The value of an alternative given up to obtain a good or service is called what?
What is opportunity cost
300
What is the "perfect" society that is characterized by economic equality?
What is Utopia
300
Which economic system combines elements of the pure economic models?
What is mixed economy
300
DOUBLE JEOPARDY!!!
Denmark would be an example of what economic system?
What is democratic socialism
300
Food, shelter, and clothing are examples of what?
What is needs
300
What are the resources used to make goods and services are called?
What are the factors of production
400
What is the name of the doctrine that states government should not interfere in the market place?
What is Laissez-faire
400
In what economic system model do children carry on the roles of their parents?
What is traditional model
400
United States would be an example of what type of economic system?
What is Capitalism
400
DOUBLE JEOPARDY!!!!
What is the purpose of a production possibility curve?
What is to show alternative ways to use an economy's resources
400
Dentist, lawyers, and mechanics provide what for their consumers?
What is a service
500
DOUBLE JEOPARDY!!!!
What is the term that refers to economic rivalry that produces quality products at reasonable prices?
What is competition
500
The level of economics prosperity in a society is referred to as what?
What is the standard of living
500
On the mixed economy continuum, a nation that is roughly 50% market allocation and 50% government allocation would be said to be operating under what economic system?
What is democratic socialism
500
Giving up one alternative for another is called what?
What is a trade-off
500
Maximizing resources in the production of goods and services is called what?