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Define the term economy. the system of how money is made and used within a particular country
What are the four sectors of the economy? household, bank, private business, and government
What does the household sector do? provide resources, consume goods and consume services
What does the private business sector do? sells goods and resources
What does the government sector do? makes laws for all to follow and collects taxes
What does the bank sector do? gives loans and manages the businesses money
What does the circular flow model show? -Businesses get $ from households for goods and services -Households earn income from businesses (for labor or work) -$ put into education can contribute to household income or money made
What is the circular flow model? diagram that is used to represent the money transactions in an economy
Give an example of the circular flow model. A doctor keeps people healthy, People can work and make money, People can pay this person to keep them healthy
What do consumers buy and sell? Buy- resources & Sell- goods and services
What is the #1 job of a consumer? to determine what will be sold through their purchases
True or false: Public goods and services would not be available if individuals had to provide them. True
What pays for government programs, public roads, discouraging use of products that are harmful to society, and education? Income and sales taxes
What do taxes affect? property, food, consumer goods, & services
Market Economy decisions and the pricing of goods and services are guided solely by the individual citizens and businesses
What is the role of property rights in market economy? Increase competition and profit
What are property rights? how a resource or economic good is used and owned
What causes economic behavior to change? incentives
What is a Capitalist System? private ownership of the means of production and their operation for profit
What role do entrepreneurs play in a capitalist society? -someone willing to invest in an idea -Someone good at selling ideas and goods to people -Someone who comes up with new ideas for products or services
What are the characteristics of entrepreneurs? risk taker, driven by high profit reward, inventor, increases economic growth
How does competition effect pricing? Businesses with the same product working against each other can lower prices
What is an entrepreneur? someone who comes up with new ideas for products and services
How do people earn income? people can earn income by exchanging their human resources (work, labor, service)
Created by: ckimbro27
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