What motive gives enterprising people a reason to start a new business?
What is Profit Motive
100
This economic system answers the What, How and For Whom questions the way they always have been answered.
What is Traditional System
100
This is the study of how society chooses to use its scarce resources for the production of goods and services to satisfy unlimited wants.
What is Economics
100
Human-made goods that are used to produce other goods and services.
What is Capital
200
What are the 3 "Factors of Production"?
What is Land, Labor & Capital
200
_____ are the rights of individuals and groups to own businesses and resources.
What is Private Property Rights
200
In this economic system, the What, How and For Whom questions are answered by a dictator or central authority.
What is Command Economy
200
Who is known as the father of American Economics and the father of Modern Economics?
What is Adam Smith
200
The freedom of consumers to buy, or not to buy, at prices set in competitive markets.
What is Consumer Sovereignty
300
A _____ is a business leader who seeks to make profits by combining resources to produce new goods and services
What is Entrepreneur
300
Free Markets allow ____, buyers and sellers deciding what to buy and sell with a minimum of government intervention.
What is Voluntary Exchange
300
This economic system is based on government ownership of resources and centralized decision making.
What is Socialism
300
What nineteenth century economist wrote "communist Manifesto and Das Kapital" and predicted that the exploitation of workers would cause capitalism to self-destruct.
What is Karl Marx
300
A phrase that expresses the belief that the best interests of society are served when consumers are producers compete in markets guided by self-interests.
What is Invisible Hand
400
Free Markets exist when consumers and businesses are able to buy and sell products with a _____ of government restrictions.
What is Minimum
400
What are the three fundamental economic questions everyone must answer?
What is "What, How and for Whom to produce"
400
According to Karl Marx the highest form of socialism is?
What is Communism
400
What type of economic system is commonly described as being controlled by an "invisible hand"?
What is Market Economy
400
The brand of economics that studies decision making by individuals, families and business.
What is Microeconomics
500
What is considered by many economists to be the scarcest resource throughout the world?
What is Time
500
The level of economic well-being of people is known as _____. The economy must grown for citizens to improve on this.
What is Standard of Living
500
This economy does not use customer or central planners to answer the three basic economic questions.
What is Market Economy
500
What economist penned this famous quote, "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest."
Who is Adam Smith
500
The act of transforming a private enterprise into a government enterprise.