What is an economic problem every nation has?

The problem of meeting every one's needs

The words "producer goods" describe ...

The goods used to produce other goods

A centrally planned economy promotes ...

Government ownership, profit, and no competition

What is the main goal of a Mixed Economy?

To promote individual and social rights

The phrase "profit is the incentive for business" means that profit ...

Provides a reward for the risk and effort involved

The basic ideas that make a free enterprise system work are ...

Competition, profit, and private property

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Mixed Economy

20 termsStudBud Administration24 plays

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
The items that consumers buy are called ...
Producer goods
Factors of production
Consumer goods
Private property
2
All of the following are characteristics of a command economy EXCEPT
Government ownership of resources
No consumer choice
Competition
Centrally planned
3
An economic system in which private property is almost totally restricted is called ...
Competition
A mixed economy
Free enterprise
A centrally planned economy
4
Who makes decisions for the public sector?
Individuals
Government
Individuals and government
Individuals and business
5
What is an economic problem every nation has?
The problem of meeting every one's needs
Not enough population
Too much pollution
Not enough resources
6
The words "producer goods" describe ...
Equipment but not factories and offices
The products made by all producers
The goods used to produce other goods
The final product that a producer makes
7
Who makes the decisions in a Free Enterprise economy?
The government
Voters
Pets
The consumer and businesses
8
A centrally planned economy promotes ...
Government ownership, no competition, and no profit
Private property, profit, and competition
Government ownership, profit, and no competition
Government ownership, competition, and no profit
9
During what historical period did the idea of a Centrally Planned Economy arise?
Late 1700's
Beginning of the 21st century
Early 1900's
Early 1800's
10
What is the basic question(s) all economic systems try to answer?
How to produce it?
All of the above
For whom to produce?
What to produce?
11
Things that are needed to produce goods and services are called ...
Economic systems
Efficient use of resources
Private property
Factors of production
12
What is the main goal of a Mixed Economy?
To ensure fairness in business
To promote individual and social rights
To gain private property
To get rid of high taxation
13
Goods that are used to produce other goods are called ...
Consumer goods
Producer goods
Private property
Competition
14
When deciding "what to produce", what is said to be limited?
Water
Population
Power
Resources
15
Government ownership of resources is a characteristic in what economic system?
Command
Traditional
Free market
Mixed
16
The term that indicates ownership, either by individuals or by a business, is ...
Centrally planned economy
Free enterprise
Private property
Competition
17
The phrase "profit is the incentive for business" means that profit ...
Provides the incentive to increase expenses
Reduces the need for efficient use of resources
Provides a reward for the risk and effort involved
Provides a strong reason to reduce investment
18
In a Free Enterprise economy, private property is...
Discouraged
Encouraged
Non-existent
Limited
19
The basic ideas that make a free enterprise system work are ...
Profit, efficient use of resources, and risk
Natural resources, profit, and private property
Freedom, efficient use of resources, and profit
Competition, profit, and private property
20
In a Free Enterprise economy, private property is...
Non-existent
Discouraged
Encouraged
Limited

Mixed Economy Flashcards | StudBud

Mixed Economy

20 termsStudBud Administration24 plays

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
The items that consumers buy are called ...
Producer goods
Factors of production
Consumer goods
Private property
2
All of the following are characteristics of a command economy EXCEPT
Government ownership of resources
No consumer choice
Competition
Centrally planned
3
An economic system in which private property is almost totally restricted is called ...
Competition
A mixed economy
Free enterprise
A centrally planned economy
4
Who makes decisions for the public sector?
Individuals
Government
Individuals and government
Individuals and business
5
What is an economic problem every nation has?
The problem of meeting every one's needs
Not enough population
Too much pollution
Not enough resources
6
The words "producer goods" describe ...
Equipment but not factories and offices
The products made by all producers
The goods used to produce other goods
The final product that a producer makes
7
Who makes the decisions in a Free Enterprise economy?
The government
Voters
Pets
The consumer and businesses
8
A centrally planned economy promotes ...
Government ownership, no competition, and no profit
Private property, profit, and competition
Government ownership, profit, and no competition
Government ownership, competition, and no profit
9
During what historical period did the idea of a Centrally Planned Economy arise?
Late 1700's
Beginning of the 21st century
Early 1900's
Early 1800's
10
What is the basic question(s) all economic systems try to answer?
How to produce it?
All of the above
For whom to produce?
What to produce?
11
Things that are needed to produce goods and services are called ...
Economic systems
Efficient use of resources
Private property
Factors of production
12
What is the main goal of a Mixed Economy?
To ensure fairness in business
To promote individual and social rights
To gain private property
To get rid of high taxation
13
Goods that are used to produce other goods are called ...
Consumer goods
Producer goods
Private property
Competition
14
When deciding "what to produce", what is said to be limited?
Water
Population
Power
Resources
15
Government ownership of resources is a characteristic in what economic system?
Command
Traditional
Free market
Mixed
16
The term that indicates ownership, either by individuals or by a business, is ...
Centrally planned economy
Free enterprise
Private property
Competition
17
The phrase "profit is the incentive for business" means that profit ...
Provides the incentive to increase expenses
Reduces the need for efficient use of resources
Provides a reward for the risk and effort involved
Provides a strong reason to reduce investment
18
In a Free Enterprise economy, private property is...
Discouraged
Encouraged
Non-existent
Limited
19
The basic ideas that make a free enterprise system work are ...
Profit, efficient use of resources, and risk
Natural resources, profit, and private property
Freedom, efficient use of resources, and profit
Competition, profit, and private property
20
In a Free Enterprise economy, private property is...
Non-existent
Discouraged
Encouraged
Limited