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Jeopardy

ThisIS1Command & Traditional EconomiesMarket & MixedEconomiesTypes ofBusinessCircular FlowModelBonus$100$200$300$400$500$100$200$300$400$500$100$200$300$400$500$100$300$400$500$100$200$300$400$500$100$300$400$500$200Advantages & Disadvantages$2008Command & TraditionalEconomies3Market & MixedEconomies4Types of Businesses5Circular FlowModel6Bonus7The economic decisions of central planners often are wrong because they have little understanding of13A business taking a survey to find out consumer's wants is an illustration of:Consumer sovereigntyLaissez Faire

14The most common economic system is a:a. traditional economyb. command economyc. market economyd. mixed economy

15A society that has public schools and ownership of private property has elements of which two economic systems?16Elements of traditional, command, and market economies are combined in what type of economic system?17Freedom of economic choice is one of the chief advantages of what economic system?18What are four disadvantages of corporations?19Which of the following is a corporation that issues stock that can be freely bought and sold? a. nonprofit corporation b. multinational corporation c. private corporation d. public corporation20What are the disadvantages of partnerships?21What are the disadvantages of sole proprietorships?22What is the name for a contract in which a corporation promises to repay borrowed money, plus interest, on a fixed schedule?23A circular flow model shows what?24What is the product market?26DailyDouble!!

34Someone buying a laptop is participating in what market?27Someone hiring a cashier is participating in what market?28What did Karl Marx predict would happen between workers and factory bosses in time?29What are the advantages of owning a franchise?30Moving steel mills from private ownership to public ownership is an example of:

a. globalization b. socialization c. nationalization d. privatization31Are there any pure market systems in todays world?32According to Karl Marx, wage slavery was created by what?33FinalJeopardy

COMMUNISMSOCIALISMMARKET SYSTEMWHO OWNS RESOURCES?HOW ARE RESOURCES ALLOCATED?WHAT ROLE DOES GOVERNMENT PLAY?Fill in the chart below:40ADVANTAGESDISADVANTAGESEconomic Freedom jobs, purchasesUnequal distribution of wealthPolitical FreedomUnequal opportunitiesQuicker response to changeProfitWhat economic system is represented by the chart above?35AdvantagesEasy to open and closeFew regulationsAccess to resourcesJoint Decision MakingSpecializationDisadvantagesPotential for conflictLimited lifeUnlimited liabilityWhat type of business is represented by the chart above?37AdvantagesAccess to ResourcesProfessional ManagersLimited LiabilityUnlimited LifeDisadvantagesStart-Up Cost and EffortHeavy RegulationDouble TaxationLoss of ControlWhat type of business is represented by the chart above?38ADVANTAGES:The three economic questions are clearly answered by customThere is little disagreement over economic goalsDISADVANTAGES:They resist changeThey are less productive because of thisEverything is based on custom so people arent always using their strengthsThey have a lower standard of livingWhat type of market is represented by the chart above?39AdvantagesEasy to open and closeFew regulationsFreedom and controlOwner keeps ProfitDisadvantagesLimited fundsLimited lifeUnlimited liabilityWhat type of business is represented by the chart above?36In a factor market

a. businesses are customers and individuals are producers

b. individuals are customers and businesses are producers

c. businesses sell productive resources

d. individuals buy goods and services25Government planners allocate basic resources; market forces allocate privately-owned resourcesCOMMUNISMSOCIALISMMARKET SYSTEMWHO OWNS RESOURCES?HOW ARE RESOURCES ALLOCATED?WHAT ROLE DOES GOVERNMENT PLAY?GovernmentGovernment planners decide how resources are usedGovernment makes all economic decisionsGovernment owns basic resources; the rest are privately ownedAll resources are privately ownedGovernment makes decisions in the basic industriesMarket forces allocate resourcesGovernments role limited-mostly to ensure market forces are free to work41