Unit 7 Civics/Econ Review

When workers earn higher wages...

Decisions in a command economy are made by the 

If owners feel that workers' demands are unreasonable, they could impose a

What are the positive impacts of competition?

Wages, employment, and benefits are goals of 

Decisions in a market economy are made by 

How can the government protect intellectual property?

Businesses that sell stock, have limited liability, face heavy regulation, double taxation

An economic system where decisions are made by individuals AND government is called

What impact does efficiency and mass production have on price and profit?

Consumers and producers have freedom to buy and sell in a ___________ economic system

What do consumers give to businesses?

How does the government benefit producers and consumers?

What type of merger is best reflected in the image?

What process of creating several small jobs is demonstrated in this clip?

What type of job is best demonstrated by this clip?

All markets in the circular flow model are considered

Laissez Faire economics means that the government plays a ________ role, allowing more freedom

Marx = __________ economy; Smith = ________________ economy

Utility, low prices, high quality are all goals of __________

How do mergers impact competition?

What do businesses contribute to households?

What term refers to management and employees negotiating the terms of their labor contract?

A businesses that controls the entire market is a(n)

What method of efficiency is best demonstrated in this clip?

What do anti-trust laws accomplish?

Labor Unions protect workers by negotiating for better

The least common type of business (run by 2 people who face unlimited liability)

Who gets the final say in what gets made in a free enterprise system?

If workers do not agree to contract terms and refuse to work

Profit, efficiency, growth are all goals of ___________

What method involves making all items exactly the same?

The most common business run by 1 person (entrepreneur) with unlimited liability

The invisible hand means prices in a market economy will be set by 

In free enterprise, the government protects property and encourages

Method of efficiency that assigns workers to the job they do best.

Adam Smith believed people would be motivated to work because of ownership of

Marx believed that working class could be eliminated by a(n) ________ distribution of property

What do people contribute to the government?