chapter 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| traditional economy | centered around family, passed from generation to generation, resistant to change, work for group-not individual
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| command economy | no incentives to work, government has complete control, decides: how, what, to whom to produce
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| market economy | indivuals decied how, what, to whom to produce, government has no say, private ownership, total freedom
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| market | free exchange of goods and services, how to produce, where to sell it, where to buy it
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| self-interest | biggest bang for the buck, Adam Smith-people fulfill their own needs, government not involved
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| incentive | positive & negative, encourage you to act in a certain way
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| mixed economy | combo of elements, classified according to degree
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| Authoritarian socialism | government control major industry, some rights, closest to pure command economy,
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| communism | command economy, Soviet Union, complete government control, says how, what, for whom
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| capitalim | closest to a market economy, capitalism + govt regulation= free enterprise,
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| democratic socialism | mixed economy-combo of command and market, govt controls key industries, people choose elected officials that make decisions
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| free enterprise | business conducted "freely" with little govt intervention
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| private property | goods are owned by individuals and bussiness, clothes=consumer goods, office building supplies = captial goods
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| contracts | cant be forced, agreement of terms, )oral, written, legal binding,
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| competition | choices betwn 2 or more similar items, "economic rivalry" is good, more choices, competting for your money
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| voluntary exchange | i will work for you in exchange for a pay check, beneficial transfer of products/services btwn consumers and producers
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| product market | how you will market/sell your goods and services
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| resource market | how will you get the money you need to start a business and pay workers
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| income | money payments that houselholds receive from businesses and govt
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| full employment | want people to be working, the lowest level possible of unemployment
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| price stability | overall prices remain relatively constant
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| standard of living | people's well-being as determined by the quantity of goods and services they consume
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| role of government in the economy | regulates the economy, taxation, spending policies, health and safety standards
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| market flow | keep money moving to keep economy flowing
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| economic priorities/ indiviual | short term goal, change with changing times, who you want now! have to do right now!
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| economic priorities/ government | short term goal, change with changing times, what you want now! stimulus package
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
samanthac12
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