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Fall 26 Econ
| Question | Answer |
|---|---|
| What economic system is based on private ownership, investment for profit, and competition? | Capitalism |
| Who owns businesses and property in a capitalist system? | Individuals |
| Why do people invest capital in a business? | Earn profit |
| What kind of market allows buyers and sellers to compete with limited government interference? | Free market |
| What idea explains how self-interested choices can guide a market toward balance? | Invisible hand |
| What happens to prices when demand exceeds supply? | Prices rise |
| What can rising prices encourage new producers to do? | Enter the market |
| How can self-interest and competition benefit society? | Lower prices |
| Besides lowering prices, how can competition benefit consumers? | More choices |
| What did Adam Smith call allowing markets to operate with little government interference? | Laissez-faire |
| What does “laissez-faire” mean? | Let them do |
| Why did Adam Smith think people provide goods and services? | Self-interest |
| What is a major criticism of capitalism? | Worker exploitation |
| What can happen when wealth is concentrated in the hands of a few? | Wealth gap |
| What economic system seeks a classless society with common ownership? | Communism |
| It is abolished | |
| According to the communist ideal, how should goods be distributed? | By need |
| Who developed the ideas that shaped modern communism? | Karl Marx |
| How did Marx describe the main force shaping history? | Class struggle |
| In Marx’s analysis, who are the proletariat? | Working class |
| In Marx’s analysis, who are the bourgeoisie? | Property owners |
| What conflict did Marx predict would occur between workers and owners? | Class conflict |
| How did Marx believe this conflict would be resolved? | Violent revolution |
| What did Marx argue governments and laws often protect? | The wealthy |
| How does socialism differ from communism in Marx’s sequence? | Step toward communism |
| What does communism represent in Marx’s proposed sequence? | Final stage |
| What happens to class divisions in the communist ideal? | They disappear |
| What phrase contrasts how communism and socialism distribute rewards? | Need versus deeds |
| What principle does the communist slogan “from each according to ability” pair with? | To each need |
| What principle does the slide associate with socialism’s rewards? | Reward by effort |
| How can a country combine a capitalist economy with some socialist programs? | Mixed economy |
| What are two examples of public programs in the slides? | Schools and welfare |
| What is one criticism of communist governments mentioned in the slides? | Mass deaths |
| What broad prediction of Marx’s did not come true as described in the slides? | Capitalism’s end |
| What condition exists when resources are too limited to satisfy everyone’s wants? | Scarcity |
| What factor of production includes natural resources? | Land |
| What factor of production is the human effort used to make goods and services? | Labor |
| What factor of production includes tools and machines used in production? | Capital |
| What factor of production combines resources and takes business risks? | Entrepreneurship |
| What term describes something essential for living? | Need |
| What term describes something people desire but can live without? | Want |
| What term means the satisfaction people get from consuming a good or service? | Utility |
| What term describes something that encourages people to make a particular choice? | Incentive |
| What is the term for giving up one option to choose another? | Trade-off |
| What is the value of the next-best option given up when making a choice? | Opportunity cost |
| What method compares the extra costs and benefits of a decision? | Marginal analysis |
| What term describes an economy’s increased ability to produce goods and services? | Economic growth |
| What person identifies a business opportunity and takes the risk of starting it? | Entrepreneur |
| What practice improves efficiency by focusing on specific tasks or products? | Specialization |
| What advantage exists when a producer has a lower opportunity cost? | Comparative advantage |
| What activity lets people or countries exchange goods and services? | Trade |
| What economic system bases decisions on customs and traditions? | Traditional economy |
| What economic system has the government make major production decisions? | Command economy |
| What economic system lets individuals and businesses make decisions through markets? | Market economy |
| What economic system combines private decisions with government involvement? | Mixed economy |
| What law says that people generally buy more of a good when its price falls? | Demand law |
| What law says that producers generally offer more of a good when its price rises? | Supply law |
| What term describes the point where quantity supplied equals quantity demanded? | Equilibrium |
| What market condition occurs when quantity demanded is greater than quantity supplied? | Shortage |
| What market condition occurs when quantity supplied is greater than quantity demanded? | Surplus |
| What government policy sets the highest legal price for a good or service? | Price ceiling |
| What government policy sets the lowest legal price for a good or service? | Price floor |
| What term describes government actions that protect property, enforce contracts, provide public goods, and address externalities? | Government intervention |
Created by:
rockcastle