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Econ Test 2
Terms in this set (42)
The purpose of government in a command economy is to:
Make major economic decisions.
Which of the following is NOT considered an economic and social goal:
Which group of people ultimately determines the products that a free enterprise economy produces:
The United States can be described as having a:
Modified private enterprise system.
A market economy:
Does not provide for everyone's basic needs.
The minimum wage is an example of a federal law that supports:
The government's role in a mixed economy is that it is the:
Regulator charged with preserving competition.
Economic goals are important because they:
Help people determine if an economic system meets their needs.
Who would you most likey find participating in a market economy:
A teenage girl deciding how to spend the extra money she earned working.
Federal market program of disability and retirement benefits that covers most working people.
Organized way in which a society provides for the wants and needs of its people.
Driving force that encourages people and organizations to improve their material well-being.
Who plays the role of protector, consumer, regulator, and promotor of economic goals in the United States:
Income that does not increase even if prices go up.
Market economy in which private citizens own the factors of productions.
Economy in which a central authority makes most of the WHAT,HOW and FOR WHOM decisions.
Economic system in which people carry on their economic affairs freely but are subject to some government intervention.
Extent to which individuals or organizations are better off at the end of an economic exchange than before the exchange.
Act of buyers and sellers freely and willingly engaging in market transactions.
Private Property Rights:
Privilege that entitles people to own their possessions.
Modified Private Enterprise Economy:
Economy in which people carry on their economic affairs freely but are subject to some government intervention and regulation.
Struggle among sellers to attract consumers.
Society's way of providing for wants and needs.
Role of the consumer as ruler of the market.
Degree to which people are better off after completing an economic activity.
Economic system in which the allocation of resources and nearly all other economic activity stems from ritual or habit.
Rise in the general level of prices.
Program that provides retirment and disability benefits for working people.
Economy in which competition is allowed to flourish with a minimum of government interference.
Economic system in which people are firms act in their own best interests to answer economic questions.
-Northern Canada Inuits
Tradition: What, How, To Whom?
-Defined by customs and habits, from generation to generation.
Everyone know their role.
-Discourages new ideas and new ways of thinking.
Command: What, How, To Whom?
-Drastically changes direction in a short peroid of time.
-Many basic health, public services available at little to no cost.
-Decision making bureaucracy delays decisions.
-Little flexability to deal with day to day activity.
-Hard work is not rewarded.
-Consumer needs not met.
Market: What, How, To Whom?
-Producers and consumers, conumers vote with their money.
-High degree of consumer satisfaction
-Variety if goods and services
-Small degree of government involvment.
-Ability to adjust to change.
-High level of personal uncertainty and prospect of economic failure.
-Inadequate job of providing some services (health care, education)
-Inability of the market to meet everyones basic needs.
THIS SET IS OFTEN IN FOLDERS WITH...
economics sem. 1
Characteristics of a free enterprise
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