What is an organized way a society provides for the wants and needs of its people?
Economic System
100
Why is it important for a nation to set economic and social goals?
to reach economic freedom, efficiency, equity, security, full employment, price stability, economic growth, and determine future economic goals.
100
Explain why entrepreneurs are thought to have an important role in the economy.
Entrepreneurs organize and manage land, capital and labor in order to seek the reward called profit.
100
Mixed economic and political system in which the government controls some, but not all, of the basic productive resources.
Socialism
100
Who is the greatest person in the entire school of Bolton?
Mrs Lubin
200
What is an economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom?
Traditional Economy
200
How does an increase in minimum wage involve a conflict of goals?
A raise in minimum wage could cause some employers to have to lay off employees for not being able to afford to have them hired. Thus, conflicting with the goal of Full Employment.
200
Explain the differences in the roles of entrepreneurs, consumers, and the government.
Entrepreneurs- organize and manage anything needed to gain profit
Consumers- determine which products are produced
Government- protector, provider, and regulator
200
Political and economic system where all property is collectively -not privately- owned.
Communism.
200
Are you enjoying your pizza?
….better say yes
300
What is an economic system characterized by a central authority that makes most of the major economic decisions?
Command Economy
300
What can Americans do to influence the economic goals of the nation?
Americans can influence the economic goals of the nation by voting for politicians that share their same goals.
300
Explain why entrepreneurs are the driving force of the free enterprise system.
Entrepreneurs are the driving force of the free enterprise system because they are the ones seeking profit by risking their own to create and maintain businesses or services.
300
A federal program of disability and retirement benefits that covers most working people.
Social Security
300
How many vocal words are in this chapter?
21 words!
400
What is an economic system in which supply, demand, and the price system help people make decisions and allocate resources; same as free enterprise economy?
Market Economy
400
How do laws against false or misleading advertisement promote the goal of economic equity?
The laws protect those who don't have the education or access to information that proves that an advertisement is false.
400
How is the protection of private property rights necessary to the other characteristics of free enterprise?
The protection of private property rights is necessary for free enterprise because when people are given the opportunity to do as they wish with their property, they are not afraid to accumulate, improve, use, are lend it.
400
A rise in the general level of prices.
Inflation
400
WHO IS THE BEST JEOPARDY GAME MAKER OF ALL TIME EVEN THOUGH THIS REALLY ISNT JEOPARDY SINCE ITS BACKWARDS?!
Herbie VonderLinden of course!
500
What are economic systems that combine all three types of economies?
Mixed Economy
500
Describe how a society resolves conflicts between economic and social goals.
Budget cuts, price cuts, tax cuts, tax raises, etc.