Econ 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| 3 key economic questions | show 🗑
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| show | Structure of methods and principles society uses to produce and distribute goods and services
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| show | Land, Labor, Capital
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| Factor payments | show 🗑
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| show | Amount of money a business receives in excess of its expenses
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| show | Deliver the right goods in the right quanity to the right people
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| show | The freedom to buy what we can pay for, to seek work where we want, to own property, and to become entrepreneurs.
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| show | Goods and services will be available when they are needed and paychecks will be received on time
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| Economic Goal:Equity | show 🗑
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| Economic Goal: Growth | show 🗑
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| show | Set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries, or natural disasters plus a base income for the elderly
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| Standard of living | show 🗑
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| How does innovation change economics? | show 🗑
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| Traditional Economy | show 🗑
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| show | Any arrangement that allows buyers and sellers to exchange things
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| Markets eliminate the need for | show 🗑
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| Benefits of Specialization | show 🗑
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| show | Choices made by individuals determine what gets made, how it is made, and how much people can consume of the goods and services produced. Individuals and businesses make their own decisions on what to buy and sell.
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| Another name for Free Market Economy | show 🗑
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| show | households and firms
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| show | Person or group of people living in a single residence
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| Firm | show 🗑
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| show | Arena of exchange in which firms purchase the factors of production from households
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| show | Arena of exchange in which households purchase goods and services from firms
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| show | Must grow with nations population so it can provide hobs for new people joining the work force
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| show | Set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries, or natural disasters plus a base income for the elderly
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| Standard of living | show 🗑
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| Innovation | show 🗑
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| show | Oldest and simplest, relies on habit, custom, or ritual to answer the three key economic questions-revolves around the family
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| show | Any arrangement that allows buyers and sellers to exchange things
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| show | any one person to be self-sufficient
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| show | Concentration of the productive efforts of individuals and businesses on a limited number of activities
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| show | Choices made by individuals determine what gets made, how it is made, and how much people can consume of the goods and services produced. Individuals and businesses make their own decisions on what to buy and sell.
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| Another name for Free Market Economy | show 🗑
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| show | households and firms
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| show | Person or group of people living in a single residence
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| Firm | show 🗑
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| show | Arena of exchnage in which firms purchase the factors of production from households
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| Product market | show 🗑
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| show | Wrote the book "The Wealth of Nations" that described how markets function
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| show | An individual's own personal gain-the motivating force in the free market-the push that leads people to act
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| show | Hope of reward or fear of penalty that encourages a person to behave in a certain way
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| show | Regulating force - Struggle among producers for the dollars of consumers
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| Invisible hand | show 🗑
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| Consumer sovereignty | show 🗑
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| show | 1.Economic Efficiency, 2.Economic Freedom,3.Economic Growth
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| show | Government rather than individuals producers and consumers answers the key economic questions of what to produce, how to produce it, and who gets it
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| show | Another name for centrally planned economy-
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| Economy that opposes private property, free market pricing, competition, and consumer choice | show 🗑
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| Socialism | show 🗑
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| show | Central government owns and controls all resources and means of production and makes all economic decisions
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| Authoritarian | show 🗑
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| show | Soviet Union
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| show | Individuals/consumers
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| What does Adam Smith mean by the invisible hand? | show 🗑
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| Traditional Economy | show 🗑
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| What must be done to improve the standard of living of a nation? | show 🗑
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| Mixed Economy | show 🗑
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| show | They exist because no one is self sufficient
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| show | Individuals
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| show | How will goods be produced?
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| Free enterprise system | show 🗑
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| show | Represents the actions taken by government to affect the economy
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| How is the economic system in China today different from the one in the Soviet Union? | show 🗑
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| How are free market economies able to attain economic growth? | show 🗑
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| Why does a socialist society have a more flexible command economy than a communist society? | show 🗑
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| show | Only the government was involved in determining prices, wages and products to be produced
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| show | Government should not interfere in the economy
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| show | Property owned by individuals or businesses
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| show | Period of change in which an economy moves from one economic system to another
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| show | The selling of state run firms which are then allowed to compete in the marketplace
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