Economic Systems

Jane went to the grocery store, but the government distribution center only sent paper plates.

The 2 economic goals emphasized by a Market economy are:

The government decides how factors of production will be used in a ________ economy.

Congress recently passed a bill that provides health care to laid off workers. Econ Goal:

The unemployment rate in Michigan rose to 10.8%, lowering the standard of living. Econ goal:

Jimmy starts a lawn care company, but can't use child labor because of the government.

This gives an inventor the sole right to make, use, or sell his or her invention for 20 years.

Creations of the mind that have commercial value are considered:

The free enterprise system is a trade-off between?

Efforts to recycle aluminum cans have spread throughout the country. Econ Goal:

Scarcity of wood forces homes to made of brick. Which economic question does this answer?

Amy will graduate from law school, fulfilling her childhood dream of becoming a lawyer. Econ G:

Ava's department store went out of business after consumers discovered her products were bad.

In a MIXED economic system, at a minimum the government MUST have?

The rights of those who own land, buildings, or other goods to use or dispose of as they choose

In the circular flow model, which of these is a factor payment?

Competition is good for consumers because of each reason EXCEPT:

Which method of distribution is most commonly used by online bookstores?