Econ Ch. 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Traditional Economic System | answers the four basic questions according to tradition, economic decisions are based on customs, beliefs(often religious)-Asia, Middle East, Africa, Latin America
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| Command Economic System | the individual has little, if any, influence over how basic questions are answered, gov controls factors of production and makes all decisions about use
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| Mixed Economy | contains characteristics of a command and a pure market economy
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| Capitalism | economic system in which private individuals own the factors of production and decide how to use them within the limits of the law
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| Private Property | what is owned by individuals or groups
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| Profit | the money left after all the costs have been paid
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| Competition | rivalry among producers or sellers of similar goods to win more business by offering the lowest prices or better quality
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| Economic Growth | expansion of the economy to produce more goods, jobs, and wealth
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| Equity | amount of money invested in a property minus the debt, such as the mortgage payments that are still owed
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| Standard of living | material well-being of a person or group, or nation measured by average value of goods and services used by citizens during a certain period of time
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
clairebear5372
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