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Econ Alive - Systems - Ch 3 Review Flashcards | StudBud
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Econ Alive - Systems - Ch 3 Review
Econ Alive - Systems - Ch 3 Review
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review econ alive chapter 3 #economics #econalive #typesofeconomicsystems
Flashcards
27 cards
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Questions
27
Answers
1
The result of using resources in a way that produces the maximum amount of goods and services
economic growth
economic efficiency
economic security
economic stability
2
gives an inventor sole right to invention for period of 20 years
patent
copyright
contract
firm
3
Where individuals sell their their land, labor, capital.
factor market
product market
contract
free market
4
the fairness with which an economy distributes its resources and wealth.
economic freedom
economic growth
economic equity
economic security
5
gives the creator of artistic work sole rights for 70 years (US)
profit
communism
patent
copyright
6
Includes freedom, equal opportunity, property rights, profit motive, limited government
free enterprise characteristics
economic goals
open door policies
command economic policies
7
Individual investors who grew wealthy during the industrial revolution by accumulating capital.
capitalists
socialists
carpetbaggers
employees
8
An organization that makes, produces and sells goods or services.
market
profit
firm
factor
9
An agreement between a buyer and a seller.
factor
contract
lien
patent
10
All members of society should get the economic support they need to live -goal
economic safety
economic equity
economic stability
economic security
11
the goods and services that people count on are there when they want them
economic equity
economic freedom
economic growth
economic stability
12
political & economic system in which all property & wealth are owned by all members of society.
socialism
social contract theory
communism
capitalism
13
the result of using resources in a way that produces the maximum amount of goods and services
economic equity
economic growth
economic security
economic efficiency
14
Diagram that shows the movement of money, resources, goods & services in households & producers
production possibilities curve
transfer payment
circular flow model
factor market
15
custom and tradition dictates what to produce, how to produce it, and for whom
command economy
market economy
mixed economy
traditional economy
16
Individuals own factors of production & make decisions about how to use them within the law
traditional economy
command economy
free enterprise
factor market
17
ability to make one's own economic decisions without interference
economic stability
economic growth
economic equity
economic freedom
18
money earned by a business after subtracting cost of operation
profit
patent
taxes
copyright
19
No one single person, business, or government agency tells producers or consumers what to do.
free market
command economy
mixed economy
traditional economy
20
exists when everyone who wants work finds it
patent
full employment
transfer payments
job corps
21
process where economic decisions are made or influenced by central governments
economic equity
central powers
central planning
economic markets
22
A person or group of people living together
household
cooperative
factory
corporation
23
Govt payments to individuals or firms: examples social security payments or business subsidies
factor payment
full employment
transfer payment
factor market
24
When an economy produces more and better goods and servicesj
economic stability
economic growth
economic freedom
economic security
25
A political & economic philosophy that calls for property to be owned by society as a whole
capitalism
socialism
mixed economy
traditionalism
26
the desire to make money off your business
public works
product marketing
profit motive
firm
27
government-financed (payed for) projects such as dams, bridges, highways, and sewer systems
taxable resources
public goods
factors of production
public resources
