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Carrroll HSA Mr. C4A
HSA Terms-Mr. C-4A
Question | Answer |
---|---|
What is a command economy? | An economy where the government makes all economic decisions. |
What is a market (capitalism) economy? | An economy where most economic decisions are made by buyers and sellers. |
What is a traditional economy? | An economy based on tradition and customs. |
What kind of economy does the USA have? | Market |
What kind of economy does North Korea have? | Command |
What kind of economy would you find in a tribal area? | Traditional |
What is profit? | The difference between revenue from sale of a good or service and cost of providing it. |
What are consumers? | buyers and sellers |
What is an entrepreneur? | The person who accepts the risk of starting, organizing, and operating a business. |
What are the four factors of production? | Human Resources, natural resources, capital resources, and entrepreneurship |
What Scottish economist popularized the ideas about a free market system? | Adam Smith |
What does economic freedom mean? | People are free to make economic choices, such as choosing a job, owning property, and/or making a profit. |
What does economic growth lead to? | A higher standard of living. |
What does economic stability mean? | That prices do not rise or fall a great deal. |
What does economic equity mean? | That everyone has access to the same economic opportunities. |
What is economic security? | That you have a stable income so that you can live comfortably now and in the future. |