2. Free Market Centrally Planned Economy Mixed Economy ‘Murica 200 400 600 800 1000

3. Question 1 - 200 An arrangement that allows buyers and sellers to exchange things.

4. Answer 1 – 200 What is a market?

5. Question 1 - 400 The concentration of the productive efforts of individuals and firms on a limited number of activities.

6. Answer 1 – 400 What is specialization?

7. Question 1 - 600 Are the players in a Free Market Economy

8. Answer 1 – 600 Who are households and firms

9. Question 1 - 800 Work together to regulate the marketplace. These two things keeps the market in order, part of the phenomenon known as the “invisible hand” of the market place

10. Answer 1 – 800 What are self-interest and competition?

11. Question 1 - 1000 On this type of model, it can be seen that the flow between the factor market and the product market are truly circular

12. Answer 1 – 1000 What is a Circular Flow Model

13. Question 2 - 200 In this type of economy who answers the economic questions

14. Answer 2 – 200 Who is the central government

15. Question 2 - 400 A social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society.

16. Answer 2 – 400 What is socialism?

17. Question 2 - 600 Arose out of socialism, and is characterized by a centrally planned economy with all economic and political power resting in the hands of the central government

18. Answer 2 – 600 What is communism?

19. Question 2 - 800 Communist governments are this These style governments exact strict obedience from their citizens and do not allow individuals freedom of judgment and action.

20. Answer 2 – 800 What is Authoritarian.

21. Question 2 - 1000 Collectives-large farms leased by state to peasant farmers Heavy industry- requires a large capital investment to produce items used in other industries Consumer shortages These WERE all characteristics of what?

22. Answer 2 – 1000 What is the Former Soviet Union

23. Question 3 - 200 An economy that blends the market with government intervention, or involvement, in the marketplace.

24. Answer 3 – 200 What is a Mixed Economy

25. Question 3 - 400 This doctrine was believed in by early free market philosophers. It is a belief that the government generally should not intervene in the marketplace.

26. Answer 3 – 400 What is Laissez faire?

27. Question 3 - 600 When firms purchase factors of production from households, that exchange takes place in the factor market When households purchase goods and services produced by firms, that exchange takes place in the product market. In Mixed Economies, the government interacts in both markets to provide benefits. All of this can be seen on a what?

28. Answer 3 – 600 What is a Circular Flow Model of a Mixed Economy?

29. Question 3 - 800 Another name for the period of change in which an economy moves away from central planning toward a market-based system.

30. Answer 3 – 800 What is transition?

31. Question 3 - 1000 The scale that shows where most countries would fall between a centrally planned economy on one end and a free market economy on the other end, with no clear divisions

32. Answer 3 – 1000 What is a continuum?

33. Question 4 - 200 The United States Economy was built upon the foundation of the Free Market. It operates in a system that has investments that are determined in a free market by private decision rather than by state control. This system is known as

34. Answer 4 – 200 What is free enterprise

35. Question 4 - 400 America has this type of economy

36. Answer 4 – 400 What is a Mixed Economy?

37. Question 4 - 600 The American government regulates some of the market with laws. This type of law protects a new products inventor’s exclusive right to sell it for a certain period of time.

38. Answer 4 – 600 What are patent laws

39. Question 4 - 800 The United States operates at a high level of economic freedom. Americans can buy and sell what they please as long as it stays within the boundaries of the law. This economic freedom is one of the many things that instills Americans with love for their country. That sense of pride can also be called?

40. Answer 4 – 800 What is a Patriotism?

41. Question 4 - 1000 Americans ultimately make the decisions on what is produced and consumed. The government or producers do not control the market. The power of the people make the rules. When consumers have this type of power it is known as

42. Answer 4 – 1000 What is consumer sovereignty.

43. Final Jeopardy refers to the actions that governments take in the economic field. It covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labor market, national ownership, and many other areas of government interventions into the economy.

44. Final Jeopardy What is an economic policy?