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Chapter 6 Economic Systems Flashcards | StudBud
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Chapter 6 Economic Systems
Chapter 6 Economic Systems
9 terms
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#economicsystems
Flashcards
9 cards
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Questions
9
Answers
1
What is handled by individuals instead of government in a free market economy?
investment options
mass transit
national defense
public education
2
The Chinese economy is currently a Centrally planned economy
False
True
3
What "Invisible Hand" directs the free market?
specialization
competition
incentives and efficiency
circular flow
4
The amount of money a business receives in excess of its expenses
revenue
profit
Bank
capital gain
5
Wealth should be evenly distributed, who says this?
a communist
a capitalist
an entrepreneur
a socialist
6
Each society answers the 3 basic questions based on
value and goals
degree of economic growth
desire to achieve economic freedom
number of factor payments
7
United States is a Mixed Market Economic System
False
True
8
What is Land?
Air
Workers
Cell Phones
Plows
9
What might a government provide as part of a safety net?
Movie Tickets
Regulation on commerce
unemployment compensation
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