Fundamentals (Set 2)
Help!
|
|
||||
|---|---|---|---|---|---|
| Three Key Economic Questions | What to produce? How to produce it? Who will consume it?
🗑
|
||||
| Traditional Economy | Economic system that relies on habit and customs to decide the production and consumption of goods.
🗑
|
||||
| Command Economy (Centrally planned) | Economic system where decisions about production and consumption are made by the government.
🗑
|
||||
| Market Economy (Capitalism) | Economic system where decisions about production and consumption are made by individuals.
🗑
|
||||
| Mixed Economy | Economic system where decisions about production and consumption are made by individuals & the government.
🗑
|
||||
| Household | Person or group living in the same residence
🗑
|
||||
| Firm | Organization that uses resources to produce a product. A business.
🗑
|
||||
| Specialization | The concentration of productive efforts on a limited number of activities
🗑
|
||||
| Factor Market | Firms pay households for land, labor, and capital
🗑
|
||||
| Product Market | Households pay firms for goods & services
🗑
|
||||
| "The invisible hand" | describes the self-regulating nature of a market economy. Self-interest and competition keep businesses acting in the consumers best interest.
🗑
|
||||
| Socialism | Type of command economy. Democratic means should be used to distribute wealth throughout an economy
🗑
|
||||
| Communism | Type of command economy. An authoritarian central government makes decisions about the economy.
🗑
|
||||
| Private Property | Property that is owned by individuals or businesses, not the government.
🗑
|
||||
| Laissez Faire | Doctrine that states the government should not interfere with the marketplace.
🗑
|
||||
| Incentive | An expectation that encourages people to behave a certain way.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
croper1
Popular Economics sets