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Economics (H) Chapter 2 Review Game
EconomiesFree Enterprise Economic Goals Consumers & Entrepreneurs Role of Government MISC
A1 Economic system where the allocation of scarce resources is determined by ritual, custom, and habit. Traditional Economy
A2 Economic system in which a central authority makes most of the economic decisions. Command Economy
A3 Profits and Private Property are least associated with: Command Economy
A4 Economic system in which people and firms act in their own best interests to answer the economic questions. Market Economy (Free Enterprise Economy)
A5 When competing against other types of economies, what is the largest disadvantage for a Traditional Economy? This type of economy discourages new ideas and new ways of doing things.
A6 In the Inuit Tribe, what role did the successful hunter have in the tribe? He will share the spoils of his hunt to help with the survival of the tribe.
A7 Concerning the economic question of WHAT, what advantage does a Traditional Economy offer? Everyone knows which role to play.
A8 Economic system in which decisions about how resources should be used are made partly by the private sector and public sector. Mixed Economy
A9 The economic system of the North Korea and Cuba are a form of: Command Economy
A10 The United States is an example of: Mixed Economy
B1 In a Market Economy, goods typically go to those who: Have the willingness and ability to purchase them.
B2 In a Free Enterprise, why do individuals enter into transactions? Both the buyer and seller enter into a transaction only if both are better off after the transaction.
B3 In a Market Economy, if a firm uses a combination of inputs that does NOT minimize costs, then: The firm will lose sales, and then go out of business.
B4 Capitalism is defined as an economic system which: Individuals have ownership of all factors of production
B5 In a Market Economy, what is meant by consumers “casting their vote”? Consumers “vote” for products they like by purchasing those products.
B6 One distinguishing feature between Capitalist countries and NON-Capitalist countries is that: Capitalist countries have private property rights and non- capitalist countries do not.
B7 What would NOT be consistent with Pure Capitalism? Government involvement in economic decisions.
C1 What is meant by Economic Freedom? People have the right to choose occupation, employer, products, prices, etc…
C2 What is meant by Economic Efficiency? Due to scarcity, resources have to be used in the best ways to maximize their benefits.
C3 What is meant by Full Employment? People want their economic system to provide as many jobs as possible.
C4 In a Free Enterprise, how does Competition benefit consumers? Through the struggle of among sellers, prices are lower for consumers.
C5 A rise in the general level of prices. INFLATION
C6 Federal program of disability and retirement benefits that covers most working people. Social Security
C7 Federal program that provides health insurance for persons 65 or older. Medicare
C8 In order to combat Inflation, how does the Federal Reserve Bank try to combat inflation? Increase in IR, will decrease spending.
C9 What is meant by Economic Growth? Growth is needed so people can have more goods and services.
D1 What is the role of the Entrepreneur in a Free Enterprise Economy? By being risk-takers, they bring in new products and production methods.
D2 Bill Gates Creator of Microsoft
D3 Ray Kroc Developer of McDonalds
D4 Consumer Sovereignty Consumers rule the economy “The Consumer is always right”
D5 How do consumers determine which products will be produced? Consumers cast “votes” on which products to produce by purchasing them.
D6 Mary Kay Ash Created a cosmetic company called Mary Kay Cosmetics
D7 John Johnson Created a publishing company called Johnson Publishing
D8 Madame C.J. Walker Created hair products, and became the first African- American millionaire
D9 What do successful entrepreneurs attract? Successful entrepreneurs attract more firms into the market (profits)
E1 What is meant by the government being a “protector”? (examples) The government protects citizens from false advertising, unsafe products, and environmental hazards.
E2 Agency designed to protect consumers from unsafe food and drugs. Food & Drug Administration (FDA)
E3 What is meant by the government being a “regulator”? (examples) The government regulated market competition, interstate commerce, communications, banking, and the stock market
E4 Agency to help set up laws and regulations to protect the natural resources of the United States. Environmental Protection Agency (EPA)
E5 How is the Federal Government considered a “provider”? The government “provides” for the National Defense, Education, Public Welfare
E6 Agency that regulates the television and radio industries. Federal Communications Commission (FCC)
E7 How is the Federal Government considered a “consumer”? The government is the 2 nd largest consuming unit. Purchases all kinds of resources.
E8 Agency designed to regulate the stock and bond markets in the United States. Securities Exchange Commission (SEC)
E9 Agency designed to protect consumers from false or misleading advertising. Federal Trade Commission (FTC)
E10 Agency designed to regulate the nuclear industry. Nuclear Regulatory Commission (NRC)
F1 “The institutional means by which resources are used to satisfy human wants” is the definition of: Economic System
F2 When dealing with creativity, what DISADVANTAGE does a Command Economy create? There is no incentive for people to create new ideas, products, or methods.
F3 Profits and Private Property are most closely associated with: Free Enterprise Economy
F4 What are the limits of someone’s Private Property Rights in a Free Enterprise system? Someone’s rights end when they interfere with the rights of others.
F5 For consumers, what DISADVANTAGE does a Command Economy create? In order to meet the industrial demands, there will be a large cut back on consumer goods.
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