Economics: the Basics

One of the problems with communist command economies -

Private property, profit, competition, consumer sovereignty, individual choice, freedom -

Prices are usually determined by -

Factors used to produce goods and services -

When you can choose only one of two things, the thing you did NOT choose is your -

In a mixed economy, individuals and businesses are decision makers for the -

What do individual and business saving and investment provide?

One of the problems with socialism and communism -

A business with one owner who takes all the risks and all the profits -

Using goods and services, like eating a hamburg...

What are private financial institutions?

The amount of a good or service producers are willing and able to sell at a given price...

Combining resources to produce goods and services -

The inability to satisfy the wants of everyone, all at the same time, is the problem of -

In which type of business is risk limited to how much one has invested?

How do banks encourage deposits/saving and investing?

Buildings, equipment, tools, machinery, money, needed by a producer to create goods & services -

Things we get from nature, like water, coal, oil and lumber -

It is impossible for government experts to anticipate and plan for all aspects of an economy -

Through what they buy, consumers control what is produced -

The most common kind of economy in the world today -

The labor, skills, education and experience of people -

This kind of economy is most common today in communist dictatorships -

People brave enough to take a risk to start their own businesses are called -

Things that motivate, get you to do something...

This kind of economy is completely controlled by the government, and there is little choice -

In a traditional economy -

The amount of a good or service consumers are willing to buy at a given price -

There is little to no incentive to work hard or be more productive -

A big business with many owners -