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Economics

Coach Sutton

QuestionAnswer
Act of buyers and sellers freely and willing engaging in market transactions. Voluntary Exchange
Incentive that encourages people and organizations to improve their material well-being. Profit Motive
Organized way in which a society provides for the wants and needs of its people. Economic System
Extent to which individuals or organizations are better off at the end of a specific period than they were at the beginning. Profit
Economic system that has some comination of traditional, command, and market economys. Mixed Economy
Feature of capitalism that allows people to own and control their possessions. Private Property Rights
Economic system in which provate citizens own the factors of production. Capitalism
Federal program of disability and retirement benefits that covers most working people. Social Security
Economix systems in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions. Command Economic
Does not increase even if proces go up. Fixed Income
The role of goverment in a command economy is to. . . Make major economic decisions
An example of a market economy is. . . The United States
Which group of people ultimately determines the products that a free enterprise economy produces? Consumers
The United States can be best described as having a. . . Modified Free Enterprise system
Who plays one of the most important roles in the free enterprise system by starting new businesses? Entrepreneurs
Role of the consumers as ruler of the market. Consumer Sovereignty
Political and economic system in which the goverment owns and controls some, but not all, of the basic productive resources. Socialism
Program that provides retirement and disability benefits for working people. Social Security
Econimic system in which the allocation of resources and nearly all other economic activity stems from ritual, habit, or custom. Traditional Economy
Struggle among sellers to attract consumers. Competition
Economy in which people carry on their economic affairs freely but are subject to some goverment intervention and regulation. Modified Free Enterprise Economy
Condition of the economy when the unemployment rate is lower than a certain percentage established by economists' studies. Full Employment
Sysytem in which the goverment controls the factors of production and makes all decisions about their use. Command Economy
Degree to which people are better off financially at the end of a specific period than they were at the beginning. Profit
Rise in the general level of prices Inflation
Which of the following is a characteristic of a traditional economy. . . It discourges new ideas and new ways of doing things.
A market economy. . . Limits the choices of goods and sevices available.
The minimum wage is an example of a federal law that supports. . . Economic equailty
The concept of voluntary exchange means. . . People freely and willingly engage in market tranactions.
Which encomoic system can change direction quickly adn drastically? Command.
Created by: horserider101
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