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economics UNIT 2
| Question | Answer |
|---|---|
| ***market + command MIXED ECONOMY | market-individuals make most decisions and ctrl resources. command- economy ran by gov't |
| ***economic freedom | -people choose their jobs, employers, how to spend $ -business owners choose what to sell, who to hire, how to make things, and what to charge($) |
| ***profit motive | -driving force of economic growth -doing things because you will make money -pharmacy making medicine for money, not to help people |
| ***voluntary exchange | -buyers and sellers WILLINGLY exchange in transaction (both benefit) -you spend money on a shirt because you want it, the business sells it because they want money |
| ***entrepreneurs, what do they do? | Purpose: start businesses, innovate, MAKE MONEY, organize FOP in efficient ways Impact: everyone benefits, consumers get products, gov't gets tax revenue, competition |
| ***promoter of national goods | gov't doing things to fix the people's needs and wants (Government reflects the will of the majority of its people.) examples: child labor laws, environmental protection, food + drug safety) |
| ***regulator | regulate dangerous/important industries, ensures that services are done properly and efficiently examples: OSHA (construction), executive branch of gov't (gave minimum wages + laws), supervise nuclear facilities |
| ***provider + consumer | most people are both, offering goods as provider and buying goods as consumer producer examples: baker, doctor, painter, hairstylist, mechanics |
| ***protector | gov't enforces laws protecting WORKERS (anti-discriminatory laws, worker safety laws) and CONSUMERS(lemon laws, false advertising) |
| economic equity | justice + fairness (equal pay 4 all workers)(laws against discrimination, false advertising, monopolies) |
| economic security | americans desire protection from unemployment, illness, other events (disability checks, unemployment) |
| full employment | economy wants to provide as many jobs as possible. Because job loss makes it hard to support a family and you cant buy things when poor) |
| price stability | gov't prevents inflation (federal reserve system regulates money supply so money doesnt lose value) makes budgeting easier for individuals + businesses (retired or disabled people rely on fixed incomes, most effected by inflation) |
Created by:
lizgelles
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