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Questions and Answers
What is a mixed economy?
What is a mixed economy?
- An economic system with a combination of command, traditional, and market economies (correct)
- An economy without any government intervention
- An economy based solely on market forces
- A system of barter
What is the minimum wage?
What is the minimum wage?
Lowest wage that can be paid to most workers
What is inflation?
What is inflation?
Rise in the general level of prices
What is social security?
What is social security?
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What does consumer sovereignty refer to?
What does consumer sovereignty refer to?
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What is competition in economic terms?
What is competition in economic terms?
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Who is an entrepreneur?
Who is an entrepreneur?
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What is voluntary exchange?
What is voluntary exchange?
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What is the profit motive?
What is the profit motive?
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What is a modified free enterprise economy?
What is a modified free enterprise economy?
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Study Notes
Economic Systems
- Mixed economy combines elements of command, traditional, and market economies, allowing for a diverse approach to economic management.
Labor and Compensation
- Minimum wage is the lowest allowable payment to most workers, ensuring a baseline income level.
Economic Indicators
- Inflation refers to the general increase in prices, eroding purchasing power over time.
Social Programs
- Social Security is a federal program providing retirement benefits to the majority of working individuals, aimed at supporting financial stability in old age.
Market Dynamics
- Consumer sovereignty emphasizes the power of consumers to influence market trends and dictate production based on demand.
Competition
- Competition represents the ongoing struggle among sellers to attract consumers, promoting better quality and variety in products and services.
Entrepreneurship
- An entrepreneur is an individual who organizes and manages land, capital, and labor resources to generate profit, playing a crucial role in economic innovation.
Trade Principles
- Voluntary exchange denotes economic activities that occur as a result of free choice, essential for fostering trade and cooperation.
Motivational Factors
- The profit motive acts as a driving force encouraging individuals and businesses to enhance their material well-being through economic activities.
Regulated Economies
- A modified free enterprise economy allows free economic interactions among individuals while being subject to government regulations, balancing freedom with oversight.
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Description
Test your knowledge on key terms from Chapter 3 of your Economics course. This set of flashcards covers essential concepts such as mixed economy, minimum wage, inflation, and social security. Perfect for revision and studying for upcoming exams!
