Now solved: Choose the letter of the term that best completes each sentence. a

Imagine that a new country is being formed and wants to set up an economic system similar to that of the United States. Write a paragraph or two explaining how this new countrys system might work. Use all of the following terms.economic system mixed economy market circular flow of income and output capitalism laissez-faire free-enterprise system profit incentive competition economic equity standard of living economic growth

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative In a mixed economy, the government might some areas of business by making laws to control or influence that part of the economy.

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative All societies make decisions about how to use resources.

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative A market economy experiences changes as market forces influence the factors of production.

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative An entrepreneur is someone who sees a need and takes the by starting a new business.

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative Competition is usually the , or motivation, for businesses to lower prices .

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative If a business is doing well, it might , or grow larger.

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative Competition is an important of capitalism.

Choose the letter of the term that best completes each sentence. a. available b. distribute c. incentive d. regulate e. expand f. element g. continual h. initiative Every business must decide how best to its goods or services to consumers.

What basic economic question depends on a nations available natural resources?

What economic question is being answered if an industry replaces some workers with machines?

How does a traditional economy answer the basic question, How should it be produced?

What are six important characteristics of free enterprise?

What is governments role in the modern American version of capitalism?

Why is private property important in the American economic system?

What are the six goals of free enterprise?

What are two examples of individuals economic responsibilities in a free-enterprise system?

Complete the graphic organizer by filling in characteristics of each economic system.

Who did Karl Marx believe should control the means of production in an economy?

Imagine that a school club to which you belong wants to raise money to go on a group trip. Write two or three paragraphs explaining how your club would answer the three basic economic questions as they relate to the fund-raiser. Consider these questions: If your school represents an economic system, what type would it be (traditional, command, market, mixed)? Within that system, how would the club answer the three basic economic questions? How might concepts like competition and profit incentive influence the outcome of the fund-raiser?

The BIG Idea Karl Marx predicted that capitalism would collapse and evolve into socialism and then communism. The opposite has proved to be truecapitalism has thrived in the world and no society has yet evolved into pure communism. Why do you think this is so? Support your answer with facts and examples.

Create a diagram like the one below to list the advantages and disadvantages of competition to buyers and sellers.

Explain what U.S. economic goal is being met by each of the following actions: (a) The government regulates the amount that an electric company can charge you for energy. (b) Juan moves to Seattle to work for a Web page designer. (c) Your savings account is insured up to $100,000.

Study the cartoon on the right, and then answer the following questions. a. What does the line on the graph represent? b. Why is making a profit more difficult now for ABX Corp.? c. Toward what economic system are other countries apparently moving?