Economics

What are the three basic economic questions?

What goods and services should be produced?
How should they be produced?
Who consumes what is produced?

What is the amount of money a business receives in excess of its expenses?

Profit

Write three examples of a safety net?

Social Security, Food Stamps, SSI

What type of economy relies on habit, custom or ritual to answer the three basic economic questions?

Traditional

What is an arrangement that allows buyers and sellers to exchange things?

Market

1. In which type of economy answers the three basic economic questions made by voluntary exchange in the markets?

Free Market Economy

Who wrote The Wealth of Nations?

Adam Smith

What is the hope of reward or fear of penalty?

Incentive

1. What is the struggle among producers for the dollars of consumers?

Competition

In which type of economy does the government, rather than individual producers and consumers, answer the three basic economic questions?

Centrally Planned (Command)

Most economies today are _____

economies.

Mixed

______ is the study of economic behavior and

decision-making in a nation's whole economy.

Macroeconomics

_____is the study of economic behavior and decision-making in small units

Microeconomics

_____ is the total value of all final goods and services produced in a country in a given year

Gross domestic product (GDP)

How long does a patent give the inverter of a new product the exclusive right to produce and sell it?

20 years

What is the general term for government aid for the poor?

Welfare