Economic Systems Vocabulary Jeopardy!

Economic Systems… 3 Fundamental Questions and more… Traditional System Components CapitalismMiscellaneous Economic Vocab Words & Ideas

The answers to the 3 fundamental questions of economics determines this… What is the type of economic system?

In this type of economy the three basic economic questions are answered according to tradition. Generally, people do what their ancestors did. They tend to be primarily agricultural. They usually center around the family or tribal unit. What is Traditional Economy

An economic system in which people own their own goods and property. Some people invest their money in different ways of producing things, or in distributing goods so that they may gain a profit- what remains after the costs of running the business are paid. In a __________________ system, people are free to produce whatever they wish and to buy whatever they can afford. The three basic economic questions are answered by the inter-play between consumers (buyers) and producers (sellers)… What is the Free Enterprise/Capitalism/ Free-market Economic system

An economic system in which all important economic decisions are made by government leaders. These leaders decide what, how, and for whom goods and services will be produced. The way goods are produced and distributed is controlled by government leaders for the good of society as a whole. Government officials develop national plans, often for five-year periods, that specify which goods each factory will make. What is a Communist Economic System

an economic system in which the most important businesses producing goods (mines, factories, some businesses) are owned by the government rather than by individuals. The government encourages private ownership of small businesses (such as shops and small manufacturers). What is a Socialist Economic System?

“What should be produced?” is the _________________ What is the 1 st fundamental question of economics.

“How should it be produced?” is the _____________ What is the 2 nd fundamental question of economics

“Who gets what is produced?” is the ____________ What is the 3 rd fundamental question of economics

the study of how people meet their basic needs… What is Economics?

People who study economics are known as… What are economists?

In a traditional economy people meet their basics needs as _________ had done. What are their ancestors?

When almost everything grown is intended for use by the family or village & there is rarely a surplus, so very little is sold or traded is known as… What is Subsistence Agriculture?

When people use their spare time in their home to weave cloth, make furniture and clothes, and to produce other goods by hand. These industries help farmers and their families meet their needs, and may give them extra income during the winter months when there is little work on the farm. What is a Cottage Industry?

These two terms determine what should be produced, how it should be produced, and for whom in a traditional economy…. What are Custom and Tradition?

When the family or village owns most goods there can be said to be a lack of …. What is private property?

The belief that people have a right to own property…and use this property as they see fit with little government interference. What is private property?

In a capitalist economy prices are determined by the forces of… What are Supply & Demand?

Farmers grow food not just for themselves, but in order to sell it to others for cash; crop production is intended for distribution to wholesalers and retailers, such as supermarkets and grocery stores. Large-scale ___________ agriculture makes production cheaper… What is Commercial Agriculture?

When goods are manufactured in factories for sale throughout the country or overseas… What is Commercial Industry?

The money that remains after the costs of running the business are paid… What is profit?

Things that people make; for example, foods, toys, clothes, cars and houses are all considered goods… What are goods?

Things that people do for others. People who provide _______ include electricians, teachers, plumbers, barbers, doctors, and auto-mechanics… What are services?

Communism was developed in the 1800s by… He believed that business owners used their wealth to take advantage of workers by taking away most of the value of what they produced. He predicted that the conditions of workers would grow so bad that they would eventually rise up and overthrow their capitalist rulers in a violent revolution. After the revolution, workers would establish an equal society and live in perfect harmony, under what he called "communism." Who is Karl Marx?

When no economy totally follows anyone economic system, most countries have economies that blend features of each. What are Mixed Economies?

The problem created because people usually have unlimited wants, but a society can produce only a limited number of things at any one time… What is the Problem of scarcity?