Economy
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| Define the term economy. | the system of how money is made and used within a particular country
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| What are the four sectors of the economy? | household, bank, private business, and government
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| What does the household sector do? | provide resources, consume goods and consume services
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| What does the private business sector do? | sells goods and resources
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| What does the government sector do? | makes laws for all to follow and collects taxes
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| What does the bank sector do? | gives loans and manages the businesses money
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| What does the circular flow model show? | -Businesses get $ from households for goods and services
-Households earn income from businesses (for labor or work)
-$ put into education can contribute to household income or money made
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| What is the circular flow model? | diagram that is used to represent the money transactions in an economy
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| Give an example of the circular flow model. | A doctor keeps people healthy, People
can work and make money, People
can pay this person to keep them healthy
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| What do consumers buy and sell? | Buy- resources & Sell- goods and services
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| What is the #1 job of a consumer? | to determine what will be sold through their purchases
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| True or false: Public goods and services would not be available if individuals had to provide them. | True
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| What pays for government programs, public roads, discouraging use of products that are harmful to society, and education? | Income and sales taxes
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| What do taxes affect? | property, food,
consumer goods, & services
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| Market Economy | decisions and the pricing of goods and services are guided solely by the individual citizens and businesses
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| What is the role of property rights in market economy? | Increase competition and profit
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| What are property rights? | how a resource or economic good is used and owned
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| What causes economic behavior to change? | incentives
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| What is a Capitalist System? | private ownership of the means of production and their operation for profit
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| What role do entrepreneurs play in a capitalist society? | -someone willing to invest in an idea
-Someone good at selling ideas and goods to people
-Someone who comes up with new ideas for products or services
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| What are the characteristics of entrepreneurs? | risk taker, driven by high profit reward, inventor, increases economic growth
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| How does competition effect pricing? | Businesses with the same product working against each other can lower prices
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| What is an entrepreneur? | someone who comes up with new ideas for products and services
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| How do people earn income? | people can earn income by exchanging their human resources (work, labor, service)
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