Generally speaking a mixed economy is one where the government
has controls over private industry through various types of
regulations. One example is the setting of the minimum wage. For
the most part a mixed economy does not require the government to
actually own any of the means of production. Also, a mixed economy
creates "authorities" to operate tunnels, bridges and airports.
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Term1/21
What is a trade-off
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Definition1/21
A trade-off is an alternative that we sacrifice when we make a
decision.
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Term1/21
How To improve standards of living the economy must have
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Definition1/21
to improve its standard of living, a nations economy must
🔄 Click to see term
Term1/21
Price effect is a combination of income effect and substitution effect
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Definition1/21
Yes, Price effect = substitution effect + income effect
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Term1/21
What is the income people receive for supplying factors of production such as land labor or capital called
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Definition1/21
They are called factor payments.
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Term1/21
How can population changes affect demand for certain goods
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Definition1/21
immediate demand for a good will go up if it's price is expected
to rise.
this is how population changes affect demand for certain
goods.
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Term1/21
What is the effect of the interaction of buyers and sellers on a market
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Definition1/21
agreement on the price and quantity traded
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Term1/21
Addressing the goal of what provides assurance that goods and services will be available and payments will be made on time
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Definition1/21
equity
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Term1/21
Which would be an example of an opportunity cost
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Definition1/21
HOUSING
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Term1/21
Government programs that protect people experiencing unfavorable economic conditions are
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Definition1/21
Safety Net!
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Term1/21
Which economic goal does a society consider when deciding the best way to distribute its wealth
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Definition1/21
economic effiency
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Term1/21
The physical capital used by a woodworker to make furniture would include
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Definition1/21
saws and drills
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Term1/21
In a traditional economy what are the economic decisions based largely on
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Definition1/21
Customs and traditions.
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Term1/21
What is an example of scarcity rather than shortage
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Definition1/21
A person wants an endless supply of everything but cannot have
it.
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Term1/21
Which of the following is not a condition that most people would expect the safety net of the government to provide for
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Definition1/21
low income
🔄 Click to see term
Term1/21
Which of the following is most important characteristic of an entrepreneur
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Definition1/21
hard work and patience
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Term1/21
Which occurrence could cause the demand curve for cars in your city to the left
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Definition1/21
A layoff of 500 workers at the city's airport could cause the
demand curve for cars in your city to the left.
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Term1/21
Which is the government agency that covers customer deposits if a bank fails
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Definition1/21
Federeal Deposit Insurance Corporation (FDIC)
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Term1/21
Which of the following is not an economic goal that influences how societies answer the three key economic questions
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Definition1/21
In order to know which of the following is not an economic goal
that influences how societies answer the three key economic
questions one would need to know the answer choices.
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Term1/21
What is the money multiplier formula
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Definition1/21
The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.
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Term1/21
You are an entrepreneur with an innovative idea for a new business. In which kind of economy would you have the most opportunity to try to achieve success
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Definition1/21
Most workers lack job security.
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Cards in this guide (21)
What is a mixed economy
Generally speaking a mixed economy is one where the government
has controls over private industry through various types of
regulations. One example is the setting of the minimum wage. For
the most part a mixed economy does not require the government to
actually own any of the means of production. Also, a mixed economy
creates "authorities" to operate tunnels, bridges and airports.
What is a trade-off
A trade-off is an alternative that we sacrifice when we make a
decision.
How To improve standards of living the economy must have
to improve its standard of living, a nations economy must
Price effect is a combination of income effect and substitution effect
Yes, Price effect = substitution effect + income effect
What is the income people receive for supplying factors of production such as land labor or capital called
They are called factor payments.
How can population changes affect demand for certain goods
immediate demand for a good will go up if it's price is expected
to rise.
this is how population changes affect demand for certain
goods.
What is the effect of the interaction of buyers and sellers on a market
agreement on the price and quantity traded
Addressing the goal of what provides assurance that goods and services will be available and payments will be made on time
equity
Which would be an example of an opportunity cost
HOUSING
Government programs that protect people experiencing unfavorable economic conditions are
Safety Net!
Which economic goal does a society consider when deciding the best way to distribute its wealth
economic effiency
The physical capital used by a woodworker to make furniture would include
saws and drills
In a traditional economy what are the economic decisions based largely on
Customs and traditions.
What is an example of scarcity rather than shortage
A person wants an endless supply of everything but cannot have
it.
Which of the following is not a condition that most people would expect the safety net of the government to provide for
low income
Which of the following is most important characteristic of an entrepreneur
hard work and patience
Which occurrence could cause the demand curve for cars in your city to the left
A layoff of 500 workers at the city's airport could cause the
demand curve for cars in your city to the left.
Which is the government agency that covers customer deposits if a bank fails
Federeal Deposit Insurance Corporation (FDIC)
Which of the following is not an economic goal that influences how societies answer the three key economic questions
In order to know which of the following is not an economic goal
that influences how societies answer the three key economic
questions one would need to know the answer choices.
What is the money multiplier formula
The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.
You are an entrepreneur with an innovative idea for a new business. In which kind of economy would you have the most opportunity to try to achieve success