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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What are the characteristics of a free market? |
Private ownership Profit motive Competition Consumer sovereignty Individual Choice (Minimal gov. included in economy) |
(P P C C Ch) |
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What are the characteristics of a command economy? |
-Central ownership of property/resources - Centrally planned economy - Lack of consumer choice |
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What are the characteristics of a mixed economy?
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-Individuals and businesses as owners and decision makers for the private sector. - Gov. as owner and decision making for the public sector -Most economies today (including United States) are mixed economies. |
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What are the private financial loans? |
banks, savings and loans, credit unions. |
They're 3 of them. |
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What do all of the private financial loans all have in common? |
They all receive deposits and make loans, encourage saving and investing by paying interest on deposits. |
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How do consumers benefit from competition? |
Lower prices and better quality items |
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What does the FTC stand for and what does it do? |
Federal Trade Commission, They bring companies using false labeling to court and prevent monopolies. |
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Why do nations and states trade? |
Obtain goods and services they can't make themselves. Buy g/s at lower cost Sell g/s to other countries To create jobs. |
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What are the 3 types of business ownership? |
Proprietorship, Partnership, and Corporation |
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What type of economy does the US have? |
Mixed |
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What does the FCC stand for and do? |
Federal Communications Commissions, Regulates communication with TV, radio, satellites, cable, internet, etc |
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What goes the gov. do with tax dollars? |
Provides public goods and services. |
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What do households do with the money they bring in? |
purchase products |
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