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Economics
Economic Goals
Economic Characteristics
100
Economy in which the government makes all economic decisions
What is Command Economy
100

Social programs to protect citizens from natural disasters, accidents on the job, poverty, old age, or business/bank failure which impact the economy.

What is Security

100

when individuals, rather than government, own and operate their self owned businesses or property

What is Private Ownership

200
an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism
What is mixed economy
200

Attempt to balance an economy with access to opportunities that benefits everyone fairly.

What is Equity

200
the ability of entrepreneurs to earn money, which motivates them to create new goods and services
What is Profit Motive
300
Economy based on private ownership and the determination of prices by supply and demand
What is Market Economy
300
the increase in the amount of the goods and services produced by an economy over time.
What is Economic Growth
300

consumers determining the production of goods

What is Freedom of Choice

400

The study of how people, businesses, and governments make choices about using limited resources to meet their needs and wants.

What is Economics

400
An economy with fairly constant output growth and low and stable inflation would be considered economically stable.
What is Economic Stability
400
rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.
What is Competition
500

The problem of having limited resources but unlimited wants, which forces people to make choices.

What is Scarcity?

500
The option to make your own decisions
What is Freedom
500

Government sets rules to protect consumers and the environment

What is Limited Government