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Chapter 2 : Economic Systems Flashcards | StudBud
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Chapter 2 : Economic Systems
Chapter 2 : Economic Systems
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
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Questions
20
Answers
1
True or False: There is only one correct type of economic system.
True
False
2
What are the roles of the government in the American Free Enterprise model?
Protector, Provider, Regulator, Consumer
Buyer, Seller, Regulator
Manufacturer, Enforcer, Buyer, Regulator
They don't have any
3
What is the french term meaning "leave things alone"?
au revoir
omelette du fromage
sacre bleu
laissez faire
4
What economic system is based on private ownership of the factors of production?
Communism
Capitalism
Marxism
Socialism
5
Which economic system does the United States have?
Market
Traditional
Command
Free Enterprise
6
What is the concept that consumers have to power to purchase what they want, giving them power?
Consumer Sovereignty
Consumer Jurisdiction
Consumer Determination
Consumer Autonomy
7
What is a federal program of disability and retirement benefits?
Social Security
Fixed Income
Minimum Wage
Accommodate
8
What is lowest legal wage called?
Minimum Wage
Social Security
Fixed Income
Economic Freedom
9
Which economic system is based on individual choice?
Command
Market
Traditional
Fiat
10
What is the act of buyers and sellers freely and willingly engaging in market transactions?
Voluntary Exchange
Command Economy
Free Enterprise
Market
11
What is the government system in which the government owns factors of production?
Socialism
Oligarchy
Capitalism
Realism
12
What is an arrangement between buyers and sellers to come together?
Shop
Shoppes
Wal-Mart
Market
13
Which economic system is based on customs or beliefs passed down generation to generation?
Fiat
Market
Traditional
Command
14
What is the extreme form of socialism?
Socialism X
Leninism
Communism
Marxism
15
In which economic system does the government decide what goods and services will be produced?
Command
Market
Traditional
Fiat
16
What is an organized way to providing for the wants and needs of their people?
Economic System
Traditional
Command
Strategy
17
What is the rights of individuals and groups to own property?
Private Property Rights
Public Land Rights
Public Property Rights
Property Ownership Rights
18
What is the effort between two or more people to try to get the business of others?
Competition
Struggle
Conflict
Fight
19
What is the best example of a command economy in the modern world?
South Korea
China
Malaysia
North Korea
20
What is the term for a system in which society's leaders make all economic decisions?
Communistic Planned Economy
Centrally Planned Economy
Government Owned Economy
Socialist Run Economy
