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Jeopardy

This. IS. Jeopardy. Command & Traditional Economies. Market & Mixed Economies. Types of Businesses. Circular Flow Model. B onus. Advantages & Disadvantages. Command & Traditional Economies. Market & Mixed Economies. Types of Business. Circular Flow Model. Bonus. $100.

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Jeopardy

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  1. This IS Jeopardy

  2. Command & Traditional Economies

  3. Market & Mixed Economies

  4. Types of Businesses

  5. Circular Flow Model

  6. Bonus

  7. Advantages & Disadvantages Command & Traditional Economies Market & Mixed Economies Types of Business Circular Flow Model Bonus $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

  8. In the former Soviet Union, the practice of people taking factory light bulbs to use in their homes was the result of: Shortage Scarcity What type of economic system does this happen in?

  9. The situation where women tend crops and raise children while men hunt is often found in what type of economic system?

  10. Since 2003, central planners of North Korea have increased restrictions on private ownership of resources b. established plans to completely open the economy to market forces c. relaxed restrictions on private ownership somewhat d. clamped down on all market activity in the economy

  11. Resistance to the introduction of new farming methods is an attitude often found in what type of economy?

  12. The economic decisions of central planners often are wrong because they have little understanding of…

  13. A business taking a survey to find out consumer's wants is an illustration of: Consumer sovereignty Laissez Faire

  14. The most common economic system is a: a. traditional economy b. command economy c. market economy d. mixed economy

  15. A society that has public schools and ownership of private property has elements of which two economic systems?

  16. Elements of traditional, command, and market economies are combined in what type of economic system?

  17. Freedom of economic choice is one of the chief advantages of what economic system?

  18. What are four disadvantages of corporations?

  19. Which of the following is a corporation that issues stock that can be freely bought and sold? a. nonprofit corporation b. multinational corporation c. private corporation d. public corporation

  20. What are the disadvantages of partnerships?

  21. What are the disadvantages of sole proprietorships?

  22. What is the name for a contract in which a corporation promises to repay borrowed money, plus interest, on a fixed schedule?

  23. A circular flow model shows what?

  24. In a factor market a. businesses are customers and individuals are producers b. individuals are customers and businesses are producers c. businesses sell productive resources d. individuals buy goods and services

  25. What is the product market?

  26. Someone buying a laptop is participating in what market?

  27. Someone hiring a cashier is participating in what market?

  28. What did Karl Marx predict would happen between workers and factory bosses in time?

  29. What are the advantages of owning a franchise?

  30. Moving steel mills from private ownership to public ownership is an example of: a. globalization b. socialization c. nationalization d. privatization

  31. Are there any pure market systems in today’s world?

  32. According to Karl Marx, wage slavery was created by what?

  33. Daily Double!!

  34. What economic system is represented by the chart above?

  35. Limited funds • Limited life • Unlimited liability • Advantages • Disadvantages • Easy to open and close • Few regulations • Freedom and control • Owner keeps Profit What type of business is represented by the chart above?

  36. Potential for conflict • Limited life • Unlimited liability • Advantages • Disadvantages • Easy to open and close • Few regulations • Access to resources • Joint Decision Making • Specialization What type of business is represented by the chart above?

  37. Advantages • Disadvantages • Start-Up Cost and Effort • Heavy Regulation • Double Taxation • Loss of Control • Access to Resources • Professional Managers • Limited Liability • Unlimited Life What type of business is represented by the chart above?

  38. What type of market is represented by the chart above?

  39. Final Jeopardy Fill in the chart below:

  40. Government owns basic resources; the rest are privately owned Government All resources are privately owned Government planners decide how resources are used Market forces allocate resources Government planners allocate basic resources; market forces allocate privately-owned resources Government makes decisions in the basic industries Government’s role limited-mostly to ensure market forces are free to work Government makes all economic decisions

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