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Economics (H) Chapter 2 Review Game EconomiesFree Enterprise Economic Goals Consumers & Entrepreneurs Role of Government MISC 10 20 30 40 50 60 70 80.

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Presentation on theme: "Economics (H) Chapter 2 Review Game EconomiesFree Enterprise Economic Goals Consumers & Entrepreneurs Role of Government MISC 10 20 30 40 50 60 70 80."— Presentation transcript:

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2 Economics (H) Chapter 2 Review Game

3 EconomiesFree Enterprise Economic Goals Consumers & Entrepreneurs Role of Government MISC

4 A1 Economic system where the allocation of scarce resources is determined by ritual, custom, and habit. Traditional Economy

5 A2 Economic system in which a central authority makes most of the economic decisions. Command Economy

6 A3 Profits and Private Property are least associated with: Command Economy

7 A4 Economic system in which people and firms act in their own best interests to answer the economic questions. Market Economy (Free Enterprise Economy)

8 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.

9 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.

10 A7 Concerning the economic question of WHAT, what advantage does a Traditional Economy offer? Everyone knows which role to play.

11 A8 Economic system in which decisions about how resources should be used are made partly by the private sector and public sector. Mixed Economy

12 A9 The economic system of the North Korea and Cuba are a form of: Command Economy

13 A10 The United States is an example of: Mixed Economy

14 B1 In a Market Economy, goods typically go to those who: Have the willingness and ability to purchase them.

15 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.

16 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.

17 B4 Capitalism is defined as an economic system which: Individuals have ownership of all factors of production

18 B5 In a Market Economy, what is meant by consumers “casting their vote”? Consumers “vote” for products they like by purchasing those products.

19 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.

20 B7 What would NOT be consistent with Pure Capitalism? Government involvement in economic decisions.

21 B8

22 B9

23 B10

24 C1 What is meant by Economic Freedom? People have the right to choose occupation, employer, products, prices, etc…

25 C2 What is meant by Economic Efficiency? Due to scarcity, resources have to be used in the best ways to maximize their benefits.

26 C3 What is meant by Full Employment? People want their economic system to provide as many jobs as possible.

27 C4 In a Free Enterprise, how does Competition benefit consumers? Through the struggle of among sellers, prices are lower for consumers.

28 C5 A rise in the general level of prices. INFLATION

29 C6 Federal program of disability and retirement benefits that covers most working people. Social Security

30 C7 Federal program that provides health insurance for persons 65 or older. Medicare

31 C8 In order to combat Inflation, how does the Federal Reserve Bank try to combat inflation? Increase in IR, will decrease spending.

32 C9 What is meant by Economic Growth? Growth is needed so people can have more goods and services.

33 C10

34 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.

35 D2 Bill Gates Creator of Microsoft

36 D3 Ray Kroc Developer of McDonalds

37 D4 Consumer Sovereignty Consumers rule the economy “The Consumer is always right”

38 D5 How do consumers determine which products will be produced? Consumers cast “votes” on which products to produce by purchasing them.

39 D6 Mary Kay Ash Created a cosmetic company called Mary Kay Cosmetics

40 D7 John Johnson Created a publishing company called Johnson Publishing

41 D8 Madame C.J. Walker Created hair products, and became the first African- American millionaire

42 D9 What do successful entrepreneurs attract? Successful entrepreneurs attract more firms into the market (profits)

43 D10

44 E1 What is meant by the government being a “protector”? (examples) The government protects citizens from false advertising, unsafe products, and environmental hazards.

45 E2 Agency designed to protect consumers from unsafe food and drugs. Food & Drug Administration (FDA)

46 E3 What is meant by the government being a “regulator”? (examples) The government regulated market competition, interstate commerce, communications, banking, and the stock market

47 E4 Agency to help set up laws and regulations to protect the natural resources of the United States. Environmental Protection Agency (EPA)

48 E5 How is the Federal Government considered a “provider”? The government “provides” for the National Defense, Education, Public Welfare

49 E6 Agency that regulates the television and radio industries. Federal Communications Commission (FCC)

50 E7 How is the Federal Government considered a “consumer”? The government is the 2 nd largest consuming unit. Purchases all kinds of resources.

51 E8 Agency designed to regulate the stock and bond markets in the United States. Securities Exchange Commission (SEC)

52 E9 Agency designed to protect consumers from false or misleading advertising. Federal Trade Commission (FTC)

53 E10 Agency designed to regulate the nuclear industry. Nuclear Regulatory Commission (NRC)

54 F1 “The institutional means by which resources are used to satisfy human wants” is the definition of: Economic System

55 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.

56 F3 Profits and Private Property are most closely associated with: Free Enterprise Economy

57 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.

58 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.

59 F6

60 F7

61 F8

62 F9

63 F10

64 Interpreting Maps

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