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Economics
Coach Sutton
Question | Answer |
---|---|
Act of buyers and sellers freely and willing engaging in market transactions. | Voluntary Exchange |
Incentive that encourages people and organizations to improve their material well-being. | Profit Motive |
Organized way in which a society provides for the wants and needs of its people. | Economic System |
Extent to which individuals or organizations are better off at the end of a specific period than they were at the beginning. | Profit |
Economic system that has some comination of traditional, command, and market economys. | Mixed Economy |
Feature of capitalism that allows people to own and control their possessions. | Private Property Rights |
Economic system in which provate citizens own the factors of production. | Capitalism |
Federal program of disability and retirement benefits that covers most working people. | Social Security |
Economix systems in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions. | Command Economic |
Does not increase even if proces go up. | Fixed Income |
The role of goverment in a command economy is to. . . | Make major economic decisions |
An example of a market economy is. . . | The United States |
Which group of people ultimately determines the products that a free enterprise economy produces? | Consumers |
The United States can be best described as having a. . . | Modified Free Enterprise system |
Who plays one of the most important roles in the free enterprise system by starting new businesses? | Entrepreneurs |
Role of the consumers as ruler of the market. | Consumer Sovereignty |
Political and economic system in which the goverment owns and controls some, but not all, of the basic productive resources. | Socialism |
Program that provides retirement and disability benefits for working people. | Social Security |
Econimic system in which the allocation of resources and nearly all other economic activity stems from ritual, habit, or custom. | Traditional Economy |
Struggle among sellers to attract consumers. | Competition |
Economy in which people carry on their economic affairs freely but are subject to some goverment intervention and regulation. | Modified Free Enterprise Economy |
Condition of the economy when the unemployment rate is lower than a certain percentage established by economists' studies. | Full Employment |
Sysytem in which the goverment controls the factors of production and makes all decisions about their use. | Command Economy |
Degree to which people are better off financially at the end of a specific period than they were at the beginning. | Profit |
Rise in the general level of prices | Inflation |
Which of the following is a characteristic of a traditional economy. . . | It discourges new ideas and new ways of doing things. |
A market economy. . . | Limits the choices of goods and sevices available. |
The minimum wage is an example of a federal law that supports. . . | Economic equailty |
The concept of voluntary exchange means. . . | People freely and willingly engage in market tranactions. |
Which encomoic system can change direction quickly adn drastically? | Command. |