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American free market economy Flashcards

(12 cards)

1
Q

What is scarcity?

A

Scarcity is a lack of resources or goods.

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2
Q

What is opportunity cost?

A

Is what is given up when making a choice.

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3
Q

What are the four types of resources?

A

Natural resources
Human resources
Capital resources
Entrepreneurship resources

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4
Q

What is production and consumption?

A

Production is when resources are combined in the process of creating goods or services. Consumption is when consumers purchase and use a good or service.

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5
Q

What are the three economic questions that all countries must answer?

A

1.What will be produced?
2.How will it be produced?
3.For whom would it be produced?

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6
Q

What are the four types of economic systems?

A

Traditional economy, free market economy, mixed economy, command economy.

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7
Q

What is traditional economy?

A

Decisions based on tradition or family etc.

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8
Q

What is free market?

A

Little government involvement, private ownership, profit motive, competition, consumer sovereignty, individual choices.

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9
Q

What is command?

A

central organization, resources and property owned by government, lack of consumer choice.

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10
Q

What is mixed?

A

more government involvement, private and public sector.

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11
Q

What type of economy does the US have?

A

mixed economy

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12
Q
A
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