MixedEconomythe most commoneconomic system, govt.involvement in theeconomy is greater than afree market but less than acommand economy, thegovt. is the decision makerin the public sector of theeconomy.FreeMarketan economic systemcharacterized by:private property, profitmotive, competition,consumer sovereignty,choice, & minimumgovt. interreferenceResources, goods andservices, and money flowcontinuously amonghouseholds, businesses,and markets; resources,goods, & services flow inone direction & moneygoes in the oppositedirectionsalestaxstate or localtax paidwhen apurchase ismadehumancapitala.k.a. "labor" thework or theworkers skills,education,talent, or trainingcorporationbusiness organizationthat is authorized bylaw to act as a legalentity regardless of thenumber of owners.Owners share theprofits. Owner liabilityis limited to the amountof their investmentCommandEconomyan economicsystemcharacterized by:govt. ownership ofproperty, centralplanning, & lack ofchoicegovt. agencythe enforcesanti-trustlawsgovt. agencythatregulatesradio, tv, &internetincometax16thAmendmentthe point wheresupply & demandmeet; where mostbuyers & sellerswant to buy andsell atproprietorshipform of businessorganization withone owner whotakes all the risksand all the profitsentrepreneura personwho riskstheir capitalto start abusinessself-assessmentthe firststep inplanning acaree positiveattitude &good workethicattitudes &behaviors thatemployersseek inemployeesscarcitythe inability to satisfyall wants at the sametime. All resourcesand goods arelimited. Limitedgoods and resourcesrequire that choicesbe madecoins,currency,& bankdepositstypes ofmoneyused inthe U.S.competitioncharacteristic of freemarket economies:where multiple firmsand producers in thesame industry fightfor the samecustomersthis govt.agency protectsconsumers fromdangerousproductspropertytaxcounty taxon land,buildings,boats, cars,trailers, etc.govt agencythatregulatespollutionbanks, creditunions,savings &loans, securitybrokeragesprivate financialinstitutions thatprovide capitalto businessesand individualsanti-trustlawsexamples are theSherman &Clayton Acts aredesigned to stopmonopolies &promotecompetitionglobaleconomyWorldwide markets inwhich the buying andselling of goods andservices by allindividuals, nations,and businesses takesplaceMixedEconomythe most commoneconomic system, govt.involvement in theeconomy is greater than afree market but less than acommand economy, thegovt. is the decision makerin the public sector of theeconomy.FreeMarketan economic systemcharacterized by:private property, profitmotive, competition,consumer sovereignty,choice, & minimumgovt. interreferenceResources, goods andservices, and money flowcontinuously amonghouseholds, businesses,and markets; resources,goods, & services flow inone direction & moneygoes in the oppositedirectionsalestaxstate or localtax paidwhen apurchase ismadehumancapitala.k.a. "labor" thework or theworkers skills,education,talent, or trainingcorporationbusiness organizationthat is authorized bylaw to act as a legalentity regardless of thenumber of owners.Owners share theprofits. Owner liabilityis limited to the amountof their investmentCommandEconomyan economicsystemcharacterized by:govt. ownership ofproperty, centralplanning, & lack ofchoicegovt. agencythe enforcesanti-trustlawsgovt. agencythatregulatesradio, tv, &internetincometax16thAmendmentthe point wheresupply & demandmeet; where mostbuyers & sellerswant to buy andsell atproprietorshipform of businessorganization withone owner whotakes all the risksand all the profitsentrepreneura personwho riskstheir capitalto start abusinessself-assessmentthe firststep inplanning acareepositiveattitude &good workethicattitudes &behaviors thatemployersseek inemployeesscarcitythe inability to satisfyall wants at the sametime. All resourcesand goods arelimited. Limitedgoods and resourcesrequire that choicesbe madecoins,currency,& bankdepositstypes ofmoneyused inthe U.S.competitioncharacteristic of freemarket economies:where multiple firmsand producers in thesame industry fightfor the samecustomersthis govt.agency protectsconsumers fromdangerousproductspropertytaxcounty taxon land,buildings,boats, cars,trailers, etc.govt agencythatregulatespollutionbanks, creditunions,savings &loans, securitybrokeragesprivate financialinstitutions thatprovide capitalto businessesand individualsanti-trustlawsexamples are theSherman &Clayton Acts aredesigned to stopmonopolies &promotecompetitionglobaleconomyWorldwide markets inwhich the buying andselling of goods andservices by allindividuals, nations,and businesses takesplace

Economics SOL Review - Call List

(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. the most common economic system, govt. involvement in the economy is greater than a free market but less than a command economy, the govt. is the decision maker in the public sector of the economy.
    Mixed Economy
  2. an economic system characterized by: private property, profit motive, competition, consumer sovereignty, choice, & minimum govt. interreference
    Free Market
  3. Resources, goods and services, and money flow continuously among households, businesses, and markets; resources, goods, & services flow in one direction & money goes in the opposite direction
  4. state or local tax paid when a purchase is made
    sales tax
  5. a.k.a. "labor" the work or the workers skills, education, talent, or training
    human capital
  6. business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment
    corporation
  7. an economic system characterized by: govt. ownership of property, central planning, & lack of choice
    Command Economy
  8. govt. agency the enforces anti-trust laws
  9. govt. agency that regulates radio, tv, & internet
  10. 16th Amendment
    income tax
  11. the point where supply & demand meet; where most buyers & sellers want to buy and sell at
  12. form of business organization with one owner who takes all the risks and all the profits
    proprietorship
  13. a person who risks their capital to start a business
    entrepreneur
  14. the first step in planning a caree
    self-assessment
  15. attitudes & behaviors that employers seek in employees
    positive attitude & good work ethic
  16. the inability to satisfy all wants at the same time. All resources and goods are limited. Limited goods and resources require that choices be made
    scarcity
  17. types of money used in the U.S.
    coins, currency, & bank deposits
  18. characteristic of free market economies: where multiple firms and producers in the same industry fight for the same customers
    competition
  19. this govt. agency protects consumers from dangerous products
  20. county tax on land, buildings, boats, cars, trailers, etc.
    property tax
  21. govt agency that regulates pollution
  22. private financial institutions that provide capital to businesses and individuals
    banks, credit unions, savings & loans, security brokerages
  23. examples are the Sherman & Clayton Acts are designed to stop monopolies & promote competition
    anti-trust laws
  24. Worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses takes place
    global economy