Show:
Vocab 1
Free Enterprise Economy
7 major economic goals
Name the type of economy
Random
100
an organized way of providing for the wants and needs of their people
What is economy
100
This important characteristic of the FEE has the initials E,F in the begining of each word
What is economic freedom
100
This major economic goal begins with the initial S,
What is Security
100
A weakness of this economy is that it is not designed to meet the needs of everyone
What is Command
100
GDP stands for what
What is Gross Domestic Product
200
allocation of scarce resources and nearly all economic activity stems from ritual, habit, or custom
What is traditional economy
200
This important characteristic of the FEE has the initials P,P,R in its title
What is Private Property Rights
200
This major economic goal begins with the initial P,S
What is Price Stability
200
strength of this economy is that it offers the ability to change drastically over a short time
What is command
200
Tax system that raises rates as incomes rise
What is progressive
300
people and firms act in their own best interest to answer the what, how and for whom questions
What is market economy
300
This goal of government in the FEE is 1 of 4 goals and the word starts with a P (hint daddy is one of these to his baby girl)
What is Protector
300
This major economic goal begins with the initial E,F
What is Economic Freedom
300
Daily Double: The strength of this economy is that everybody knows their role
What is Traditional economy
300
goods and services sold to foreign buyers
What is export
400
a rise in general level of prices
What is inflation
400
Voluntary exchange falls under which category in the FEE
What is important characteristics
400
This major economic goal begins with the initial F,E
What is Full Employment
400
The weakness of this economy it rewards the productive
What is market economy
400
Goods and services purchased from a foreign sources
What is import
500
A system in which private citizens own factors of production
What is Capitalism
500
The promoter of what type of goals is the goal of the government in the FEE
What is national
500
This major economic goal begins with the initial G
What is Growth
500
economy where people carry on their economic affairs freely but are subject to some government interventions
What is Mixed economy
500
If your exports are 35% and your imports are 25% what is your net exports
What is 10%