Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
34 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Three basic economic questions |
What will be produced? Who will produce it? For whom will it be produced? |
|
|
|
Four major economic systems |
Traditional economy Free market economy Command economy Mixed economy |
|
|
|
Traditional economy |
Economic decisions that are based on established customs and practice. |
It is not uncommon for people to do the same kind of work as their parents. |
|
|
Free market economy |
Minimal government involvement in the economy. |
Private ownership of property and resources Profit motive Competition Consumer sovereignty Individual choice |
|
|
Command economy |
Property and/or resources are centrally owned, usually by government. |
The government controls which goods and services are produced and how they distribute. |
|
|
Mixed economy |
Role of government is greater than in a free market economy and less than in a command economic system. |
An economic system that includes the private sector and government control. |
|
|
Private ownership of property and resources |
Property and resources are owned by businesses, not the government. |
|
|
|
Private ownership of property and resources |
Property and resources are owned by businesses, not the government. |
|
|
|
Profit motive |
Profit, is the earnings that remain after all expenses have been paid. |
|
|
|
Private ownership of property and resources |
Property and resources are owned by businesses, not the government. |
|
|
|
Profit motive |
Profit, is the earnings that remain after all expenses have been paid. |
|
|
|
Competition |
Competition, is the rivalry between the producers of similar products or services. |
|
|
|
Private ownership of property and resources |
Property and resources are owned by businesses, not the government. |
|
|
|
Profit motive |
Profit, is the earnings that remain after all expenses have been paid. |
|
|
|
Competition |
Competition, is the rivalry between the producers of similar products or services. |
|
|
|
Consumer sovereignty |
It is the consumers rather than the producers which determine what is produced. |
|
|
|
Private ownership of property and resources |
Property and resources are owned by businesses, not the government. |
|
|
|
Profit motive |
Profit, is the earnings that remain after all expenses have been paid. |
|
|
|
Competition |
Competition, is the rivalry between the producers of similar products or services. |
|
|
|
Consumer sovereignty |
It is the consumers rather than the producers which determine what is produced. |
|
|
|
Individual choice |
Choices rewarded by a free market economic system are entrepreneurial boldness. |
|
|
|
Private ownership of property and resources |
Property and resources are owned by businesses, not the government. |
|
|
|
Profit motive |
Profit, is the earnings that remain after all expenses have been paid. |
|
|
|
Competition |
Competition, is the rivalry between the producers of similar products or services. |
|
|
|
Consumer sovereignty |
It is the consumers rather than the producers which determine what is produced. |
|
|
|
Individual choice |
Choices rewarded by a free market economic system are entrepreneurial boldness. |
|
|
|
Decision making |
Private individuals, businesses, and government share decisions. |
|
|
|
Private ownership of property and resources |
Property and resources are owned by businesses, not the government. |
|
|
|
Profit motive |
Profit, is the earnings that remain after all expenses have been paid. |
|
|
|
Competition |
Competition, is the rivalry between the producers of similar products or services. |
|
|
|
Consumer sovereignty |
It is the consumers rather than the producers which determine what is produced. |
|
|
|
Individual choice |
Choices rewarded by a free market economic system are entrepreneurial boldness. |
|
|
|
Decision making |
Private individuals, businesses, and government share decisions. |
|
|
|
Private property |
Individuals and businesses have the right to own personal property as well as the means of production without undue interference from the government. |
|
