Powerpoint JeopardyEconomic

Systems

Free

Market

Centrally

Planned

Modern

Economies

Chapter 1

Review

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An economy whereAn economy whereindividuals and businessesindividuals and businessesmake all economic decisions.make all economic decisions.– – 10 points10 points

An economy where the An economy where the government makes most or government makes most or all of the economic decisions.all of the economic decisions.– – 20 points20 points

The Amish are an example of this type of economic system. – 30 points.

What are the 3 EconomicWhat are the 3 EconomicQuestions? – 40 pointsQuestions? – 40 points

Name the 5 EconomicName the 5 EconomicGoals – 50 pointsGoals – 50 points

Individuals in a marketeconomy are motivatedby … – 10 points

In a market economy producers act as a regulatorfor the economy through…– 20 points

Households provide the Households provide the factors of production to factors of production to firms in this arena of firms in this arena of exchange on the Circularexchange on the CircularFlow – 30 pointsFlow – 30 points

Individuals in a market economy go to this arena ofexchange in order to buy goods and services from a firm/business. – 40 points

The “invisible hand” in amarket economy is…..– 50 points

A centrally planned economythat is run by the people througha democratic government.– 10 points

A centrally planned economy in which the government makesall (most) economic decisions forits citizens. – 20 points

An economic system thatincludes both government and individual decisions in the economy. – 30 points

Economic goal that focuseson the rights of individualsto make economic decisionswithout government intervention. – 40 points

Economic goal that seeks toassure that all individuals aretaken care of through socialprograms known as a safety net.– 50 points

Economic goal that focuseson the most productive use of all resources. – 10 points

Doctrine that governmentshould generally keep itshand off of the market.– 20 points

Economic goal that focusesEconomic goal that focuseson innovation leading to a on innovation leading to a higher standard of living.higher standard of living.– – 30 points30 points

An arrangement that allows An arrangement that allows buyers and sellers to exchangebuyers and sellers to exchangegoods and services.goods and services.– 40 points

The concentration of the The concentration of the productive efforts of individualsproductive efforts of individualsand firms on a limited numberand firms on a limited numberof activities.of activities...– 50 points

Economics in a one word definition…– 10 points

Limited resources to meet unlimited wants. – 20 points

All the alternatives that we giveup whenever we choose one course of action over another.– 30 points

A line showing the maximum possible output for a given economy using its resources. – 40 points

Name the 4 factors of production. – 50 points