Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

ECON MARKETS

QuestionAnswer
Who answers the 3 questions in a TRADITIONAL market? customs, habit, belief, and long standing tradition
Who answers the 3 questions in a FREE market? decisions of consumers and private businesses
Who answers the 3 questions in a COMMAND market? the government
Who answers the 3 questions in a MIXED market? combo of private businesses and gov. intervention
Traditional goals? fostering community, brand awareness, driving sales
Free market goals? economic efficiency and growth , innovation, and exchange w/o gov. intervention, lower prices for customers
Command market goals? industrialization, equal resource distribution, social stability
Mixed market goals? all of those, protecting consumers etc.
Traditional property ownership? private ownership for individuals
Free market property ownership? private ownership of means of production, individuals and business own
Command market prop ownership? dominated by government
Mixed market property ownership? blend of private and gov. ownership
Advantages of traditional market: high credibility and lasting impressions -high costs
Advantages of free market: very efficient and lots of growth -income inequality, environmental degradation
advantages of command market: minimal unemployment, lots of resources , social welfare over profit -ineffieceny, lack of innovation, consumer needs ignored
advantages and disadvantages of mixed market: -litle income inequality, stable market, affordable services
Economic System: a structured framework a society uses to produce, distribute, and consume goods, services, and resource
Private Property: the legal ownership of assets by individuals, groups, or businesses rather than the government
Public goods/Services: resources or amenities funded by the government through taxation and provided to all members of society
Iaissez-faire: a philosophy advocating for minimal to no government intervention in the economy, allowing free markets to operate based on supply and demand
Economic Freedom: the ability of individuals and businesses to make their own economic decisions with minimal government intervention
Entrepreneur: a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Profit Motive: desire or intent of individuals and businesses to engage in economic activities with the primary goal of maximizing financial gain, or earning more revenue than the expenses incurred.
Voluntary Exchange two or more parties freely engage in market transactions without coercion, acting in their own self-interest to exchange goods, services, or money
Purchasing power: the financial ability to buy products and services.
Why do markets exist? facilitate exchange of goods, services, and assets between buyers and sellers solving scarcity w/ trade
Who was a free market adviser? Milton Friedman
Who advocated for a command/centrally planned system? Karl Marx
Why are there mixed economies? balance the efficiency, innovation, and freedom of private markets with the equity, stability, and public services provided by government intervention
What is the role of an entrepreneur in a free enterprise? act as vital catalysts and "spark plugs" of economic activity by identifying, organizing, and capitalizing on opportunities to create value.
Whats the role of a consumer in a free enterprise? driving force, often called "king," by determining what goods and services are produced through their purchasing choices, or "dollar votes"
What is the role of gov in free enterprise? regulator, protector, and provider to maintain fair competition, enforce contracts, and protect property rights
Waht are pros/cons of free enterprise? -lower prices, high-quality goods, and personal liberty -significant income inequality, market failures like monopolies, and negative environmental externalities
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards