An economic system where g & s are allocated solely based on supply & demand in the marketplace

Pure Market Economy (Capitalism)

An economic system where the government has complete control of how resources are distributed

Directed / Planned Economy (Communism)

An economic system is:

A nations plan for answering key economic questions

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Chapter 2 - Intro to Business

10 termsStudBud Administration115 plays

Economic Systems

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
The right of individuals to engage in rivalry to sell goods & services is:
Freedom of profits
Private enterprise
Competition
Freedom of choice
2
An economic system where g & s are allocated solely based on supply & demand in the marketplace
Mixed Market Economy
Directed / Planned Economy (Communism)
Socialism
Pure Market Economy (Capitalism)
3
The goal of all businesses is:
To maximize revenues
To minimize liabilities
To maximize profits
To minimize expenses
4
Characteristic of US Economy that individuals have the right to own & use things as they wish
Private enterprise
Profit
Private property
Freedom of choice
5
An economic system where the government has complete control of how resources are distributed
Directed / Planned Economy (Communism)
Pure Market Economy (Capitalism)
Socialism
Mixed Market Economy
6
Characteristic of US Economy that allows individuals to choose what business (if any) to enter
Profit
Private Enterprise
Private Property
Competition
7
An economic system where the government owns and controls only key economic resources is:
Mixed Market Economy
Socialism
Pure Market Economy (Capitalism)
Directed / Planned Economy (Communism)
8
An economic system is:
A nations system for electing its president
A nations plan for answering key economic questions
A business' system for electing its board of directors
All of the above
9
Which of the following is not one of the 3 economic questions faced by all businesses?
What g & s should be produced?
For whom should the g & s be produced?
Who should the company hire?
How should the g & s be produced
10
The US is most often described as a ___ economy
Socialism
Mixed Market Economy
Directed / Planned Economy (Communism)
Pure Market Economy (Capitalism)

Chapter 2 - Intro to Business Flashcards | StudBud

Chapter 2 - Intro to Business

10 termsStudBud Administration115 plays

Economic Systems

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
The right of individuals to engage in rivalry to sell goods & services is:
Freedom of profits
Private enterprise
Competition
Freedom of choice
2
An economic system where g & s are allocated solely based on supply & demand in the marketplace
Mixed Market Economy
Directed / Planned Economy (Communism)
Socialism
Pure Market Economy (Capitalism)
3
The goal of all businesses is:
To maximize revenues
To minimize liabilities
To maximize profits
To minimize expenses
4
Characteristic of US Economy that individuals have the right to own & use things as they wish
Private enterprise
Profit
Private property
Freedom of choice
5
An economic system where the government has complete control of how resources are distributed
Directed / Planned Economy (Communism)
Pure Market Economy (Capitalism)
Socialism
Mixed Market Economy
6
Characteristic of US Economy that allows individuals to choose what business (if any) to enter
Profit
Private Enterprise
Private Property
Competition
7
An economic system where the government owns and controls only key economic resources is:
Mixed Market Economy
Socialism
Pure Market Economy (Capitalism)
Directed / Planned Economy (Communism)
8
An economic system is:
A nations system for electing its president
A nations plan for answering key economic questions
A business' system for electing its board of directors
All of the above
9
Which of the following is not one of the 3 economic questions faced by all businesses?
What g & s should be produced?
For whom should the g & s be produced?
Who should the company hire?
How should the g & s be produced
10
The US is most often described as a ___ economy
Socialism
Mixed Market Economy
Directed / Planned Economy (Communism)
Pure Market Economy (Capitalism)