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20 Cards in this Set
- Front
- Back
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All economies today are actually: (choose one)
mixed? command? traditional? market? |
mixed
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In what kind of an economy are children likely to carry on the economic roles of their parents? (choose one)
mixed? command? traditional? market? |
traditional
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What kind of a economy does Cuba have?
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communism
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What type of economy is closest to the pure market model?
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capitalism
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What is the system under which business can be conducted freely with little government intervention?
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Free enterprise
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Economic efficiency is making the best use of what kind of resources?
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Scarce resources
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Which goal of the U.S. economy is concerned with questions of fairness?
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Economic equity
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What are two concerns in the goal of economic stability?
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1. full employment
2. stable prices |
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What is the feature of the free enterprise system in which goods are owned by individuals and by businesses, rather than government?
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Private property
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In what kind of an economy are the answers to the 3 economic questions based on tradition and custom?
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Traditional economy
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What economic system relies on government officials to answer the 3 basic economic questions?
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command economy
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What is the economic system in which the government plays no part in deciding the 3 economic questions?
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market economy
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What is something that encourages people to behave in a certain way?
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incentive
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What is a legally binding oral or written agreement to buy or sell goods and services?
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contract
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What goal is concerned with making the best use of scarce resources?
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economic efficiency
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What goal refers to a nation's efforts to protect its members from harmful econommic situations?
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economic security
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What do we call the economic rivalry that develops among businesses that sell the same or similar products?
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competition
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What is the lowest possible level of unemployment in an economy?
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FULL employment
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What is price stability?
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When the overall price level of goods and services available remains constant.
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What is known as the economic well-being of people?
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standard of living
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