Economy
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| Define the term economy. | show 🗑
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| show | household, bank, private business, and government
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| show | provide resources, consume goods and consume services
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| What does the private business sector do? | show 🗑
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| What does the government sector do? | show 🗑
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| show | gives loans and manages the businesses money
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| What does the circular flow model show? | show 🗑
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| What is the circular flow model? | show 🗑
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| show | A doctor keeps people healthy, People
can work and make money, People
can pay this person to keep them healthy
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| What do consumers buy and sell? | show 🗑
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| show | to determine what will be sold through their purchases
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| True or false: Public goods and services would not be available if individuals had to provide them. | show 🗑
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| show | Income and sales taxes
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| What do taxes affect? | show 🗑
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| show | decisions and the pricing of goods and services are guided solely by the individual citizens and businesses
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| What is the role of property rights in market economy? | show 🗑
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| What are property rights? | show 🗑
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| What causes economic behavior to change? | show 🗑
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| What is a Capitalist System? | show 🗑
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| What role do entrepreneurs play in a capitalist society? | show 🗑
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| show | risk taker, driven by high profit reward, inventor, increases economic growth
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| How does competition effect pricing? | show 🗑
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| show | someone who comes up with new ideas for products and services
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| show | people can earn income by exchanging their human resources (work, labor, service)
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Created by:
ckimbro27
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