LARRY

1
LARRY
CURLY
MOE
SHEMP
CURLY JOE
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2
What is the level of economic prosperity in an
area called?
3
standard of living
4
What are government programs that protect people
experiencing unfavorable economic conditions?
5
safety net
6
What is the act of concentrating production on a
limited number of activities called?
7
specialization
8
What is the method used by a society to produce
and distribute goods and services?
9
economic system
10
What is the income people receive for supplying
land, labor, or capital called?
11
factor payments
12
What is the financial gain made in a transaction
called?
13
profit
14
What's another name for an economy centrally
planned by the government?
15
command economy
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What is one's own personal gain called?
17
self-interest
18
What is it called to have a strict obedience to
someone such as a dictator?
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authoritarian
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What is the power of consumers to decide what
gets produced?
21
consumer sovereignty
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What arrangement allows buyers and sellers to
exchange things?
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market
24
What economic system relies on habit and custom
to decide questions of production?
25
traditional economy
26
What is an expectation that encourages people to
behave in a certain way called?
27
incentive
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What term do economists use to describe the
self-regulating nature of the marketplace?
29
invisible hand
30
Name the market in which households purchase the
goods and services that firms produce.
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product market
32
What is the struggle among producers for the
dollars of consumers called?
33
competition
34
Name the economic system in which production and
consumption of goods are based on voluntary
exchange in markets.
35
market economy
36
What type of government system gives all the
economic and political power to the central
government?
37
communism
38
What kind of industry requires large capital
investment and produces items used in other
industries?
39
heavy industry
40
What was a large Soviet farm leased from the
state to groups of peasant farmers called?
41
collective
42
What is it called to sell state-run firms to
individuals?
43
privatize
44
What is a market-based economic system with
limited government involvement called?
45
mixed economy
46
What system attempts to evenly distribute wealth
and political power throughout the society?
47
socialism
48
What is an economic system that permits the
conduct of business with minimal government
intervention?
49
free enterprise
50
What doctrine states that government generally
should not intervene in the marketplace?
51
laissez faire