Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Participatory economics wikipedia , lookup
Business cycle wikipedia , lookup
Criticisms of socialism wikipedia , lookup
Economic planning wikipedia , lookup
Social market economy wikipedia , lookup
Steady-state economy wikipedia , lookup
Economic democracy wikipedia , lookup
Circular economy wikipedia , lookup
Economic calculation problem wikipedia , lookup
Economics of fascism wikipedia , lookup
Post–World War II economic expansion wikipedia , lookup
Study Guide (Use your notes and chapter 2 in the book) This is a requirement… must be turned in after test Vocabulary - Incentive - Economic efficiency - Standard of living - Profit - Economic system - Economic equity - Market - Private property - GDP per capita - Command system - Traditional system - Market system - Laissez faire - Competition - tariff - Mixed economy - Economic growth - Invisible hand - Entrepreneur Concepts 1. What are the 3 key economic questions? 2. March the following characteristics to the correct economic system (command/traditional/market) - government owns factors of production - Strong family ties - Based on voluntary exchange discouraged - Businesses are privately owned - Limited choice among goods and services - Capitalism - Individuals have little influence over basic decisions - Decisions based on customs and beliefs (often religious) - Changes are made quickly - Individuals and businesses exchange money, goods, and services production methods 3. 4. List characteristics of a mixed-market economy. What has to happen in a market economy in order for goods and services to be quality and maintain relatively low prices? 5. Why are property rights important to market systems? 6. What do entrepreneurs have to do in order to be successful over time? 7. Explain Adam Smith’s concept of “self-interest”. 8. Who is Adam Smith and what is he frequently referred to as? 9. Explain the circular flow model and the relationship it represents. 10. What is the goal of economic stability? 11. Who owns the factors of production in a command/traditional/market economy? - Change is -Inefficient 12. What are the goals of the American economy? 13. What is the role of government in our free enterprise economy? 14. How do freedom of enterprise and freedom of choice apply to the American economy? 15. What roles do private property, the profit incentive, and competition play in the American economy? 16. How does an “invisible hand” directing an individual’s economic choices benefit society as a whole? (p.45) 17. In Smith’s opinion, why should people not attempt to “employ their resources” in many industries? (p.45) 18. How can people balance economic rights with economic responsibilities? 19. How is the wealth of a nation determined?