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SS Short Answers

FINAL

QuestionAnswer
what is the best definition of a market? where individuals and businesses join together to sell or buy a product.
what are wants? desire people have that can be met by buying a good or service
what are resources? something that can be used to make goods or services, such as labor, capital, and natural resources
how do resources and wants create scarcity? if their aren't enough resources to satisfy the wants, there will be scarcity.
in a capitalist economy, competition is allowed to prosper with a minimum interference from whom? the government.
what are 3 ex of a capitalist economy? voluntary exchange, private property rights, and free market economy.
what are the key features of capitalism and free enterprise in the US economy? economic freedom, markets, voluntary exchanges, the profit motive, competition, and private property rights
what was Adam Smith considered the father of? modern economics
how have the writings of Adam Smith influence the economy of the United States? his book, the wealth of nations created laissez-faire economics meaning government should not interfere in the marketplace
what is a traditional economy? economic decisions are based on custom or habit.
what is a market economy? economic decisions are based on price.
what is a command economy? major economic decisions are made by government. also decide whom these goods will be available too.
what are facts about traditional economy? not very productive,don't change over time
what are facts about market economy? individuals or businesses are used to produce goods and services, choices based on how to obtain most profit from resource
why does an entrepreneur need natural resources? need to make resources they are going to sell
why does an entrepreneur need labor? need to sell and make the goods
why does an entrepreneur need capital? need to buy the natural resources and people to buy them
Created by: 2018grellerj
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