Term Sheet 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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| show | the way a society uses resources to satisfy its people's wants
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| Standard of Living | show 🗑
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| Innovation | show 🗑
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| show | an economic system in which people produce and distribute goods according to customs handed down from generation to generation.
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| Market | show 🗑
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| show | An economic system in which individuals decide for themselves what to produce and sell, without any intervention of the government
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| show | a market where businesses purchase the items needed to produce goods or services.
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| show | Where households purchase goods for personal use from firms. Brings together buyers and sellers of goods and services.
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| Adam Smith | show 🗑
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| show | the actions of individuals and firms striving for a greater market share to sell or buy goods and services.
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| Consumer Sovereignty | show 🗑
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| show | an economic system in which the government makes all decisions on the three key economic questions
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| show | very similar to centrally planned economy with even more control by the government.
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| Socialism | show 🗑
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| show | a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
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| show | abstention by governments from interfering in the workings of the free market.
"laissez-faire capitalism"
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| show | a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.
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| show | an economic system combining private and public enterprise.
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| Profit Motive | show 🗑
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| Voluntary Exchange | show 🗑
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| show | An organization of people who share common political interests and aim to influence public policy by electioneering and lobbying
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| Patriotism | show 🗑
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| Eminent Domain | show 🗑
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| show | a decision is made that benefits the collective and not the individual.
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| show | any non-confidential communication which an inventor or invention owner makes available to one or more members of the public, revealing the existence of the invention and enabling an appropriately experienced individual to reproduce the invention.
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| show | he part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
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| show | he study of the behaviour (supply and demand) of individual markets. Scarcity. A situation in which unlimited wants exceed the limited resources available to fulfill those wants. Factors of production.
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| show | the dollar value of all final goods and services produced within a country's border in a given year
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| show | a cycle or series of cycles of economic expansion and contraction
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| Patent | show 🗑
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| show | An exclusive right granted by the federal government allowing the owner to reproduce and sell an artistic or published work.
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| show | internal facilities of a country that make business activity possible, such as communication, transportation and distribution networks, financial institutions and markets, and energy supply systems
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| show | the economic situation defined by an inefficient distribution of goods and services in the free market.
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| Externality | show 🗑
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| Poverty Threshold | show 🗑
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| show | financial support given to people in need.
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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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