Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
SOL REVIEW #5
| Term | Definition |
|---|---|
| Supply | The amount of a good or service that producers are willing and able to sell at a certain price |
| Production | The combining of human, natural, capital, and business resources to make goods and services |
| Consumption | Using goods and services |
| Traditional economy | Economic decisions are based on custom or tradition; People tend to do the same work that parents did |
| Free market economy | Characterized by Private ownership of property and resources, profit, competition, consumer sovereignty and individual choice |
| Command economy | Characterized by central ownership of property and resources, centrally-planned economy, and lack of consumer choice |
| Mixed economy | Individuals and businesses are owners and decision makers of the private sector, Government is owner and decision maker of the public sector, Government's role is greater in a free market economy and less than in a command economy |
| Profit | Consists of earning after all expenses have been paid |
| Competition | Rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price |
| Consumer sovereignty | Consumers determine through purchases what goods and services will be produced |
| Proprietorship | A business owned by one person who takes all of the risks and all of the profits |
| Partnership | A form of business owned by two or more individuals who share all of the risks and profits |
| Corporation | A large business with many owners called stock holders |
| Entrepreneur | A person who takes a risk to produce goods and services in search of a profit |
| Economic flow | resources, goods, services, and money flowing throughout the economy |
| Global economy | Worldwide markets, buying and selling of goods and services by all nations |
| Marketplace competition | The economic system through which different companies go against each other to sell their products |
| Public goods and services | Provided by the government for everyone, benefits many simultaneously, would likely be unavailable if individuals had to provide them |
| Federal Reserve System | The nation's banking system designed to regulate federal monetary policy |
| Ways government pays for public goods and services | Through tax revenue, fees, and borrowed funds |
Created by:
seaairah
Popular American Government sets