Term
| What is Voluntary Exchange? |
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Definition
| Buyer and Seller Are Free To Make A Transaction |
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Term
| What is The Role Of Entrepreneurs? |
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Definition
| To Use Land, Capital, and Labor To Profit |
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Term
| What are Trade-Offs Among Goals? |
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Definition
| Comparison of The Costs and Benefits of Goals |
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Term
|
Definition
| Private Citizens Own Factors Of Production |
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Term
| What is the Benefit Of Competition? |
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Definition
| Consumers Get A Better Product For Less Money |
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Term
| What is Consumer Sovereignty? |
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Definition
| Consumers Control What is Bought and Sold In The Market |
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Term
|
Definition
| Businesses are Free To Compete |
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Term
| What Are The Four Roles of Government? |
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Definition
To Pass And Enforce Laws,
To Protect Us,
To Consume and Preserve Competition,
And To Provide Services |
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Term
| What are Profits and Property Rights? |
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Definition
| Motivate You To Work By Allowing You To Keep What You Earn |
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Term
| What is A Command Economy? |
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Definition
| An Economy In Which The Government Controls The Economy |
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Term
| What Are A List Of Countries With A Command Economy? |
|
Definition
| North Korea, Cuba, Russia, and China. |
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Term
| What Are Some Advantages To A Command Economy? |
|
Definition
Little Uncertainty,
Can Drastically Change Economic Direction |
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Term
| What Is A Traditional Economy? |
|
Definition
| Roles And Economic Decisions Are Defined By Custom |
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Term
| Who Practices A Traditional Economy? |
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Definition
| Gypsies, Aborigines, And Inuits |
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Term
| What Are Disadvantages Of A Traditional Economy? |
|
Definition
Low Standards,
No Advances,
Few Options |
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Term
| What Is An Advantage Of A Traditional Economy? |
|
Definition
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|
Term
| What Is A Market Economy? |
|
Definition
| Consumers And Producers Make Economic Decisions |
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Term
| What Countries Have A Market Economy? |
|
Definition
Canada,
Japan,
United States |
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Term
| What Are Disadvantages of A Market Economy? |
|
Definition
Choice Anxiety,
Wasteful,
And High Uncertainty |
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Term
| What Are Advantages of A Market Economy? |
|
Definition
High Satisfaction,
Individual Freedom,
Ability To Change |
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Term
| What Are The Seven Economic Social Goals? |
|
Definition
Full Employment,
Growth,
Equity,
Security,
Freedom,
Efficiency,
Stability |
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Term
|
Definition
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Term
|
Definition
| Population Versus Resources |
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Term
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Definition
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Term
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Definition
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