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Economic Systems ECE Flashcards | StudBud
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Economic Systems ECE
Economic Systems ECE
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Economics test review #economicsystems
Flashcards
25 cards
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Questions
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Answers
1
term describing the self-regulating nature of the marketplace
lazy fair
incentive
"invisible hand"
2
Examples of traditional economies
Aborigines, Amish, Amazon forest Tribes
Sioux, Commanche
Oneida, Cheyenne
3
an expectation that encourages people to act in a certain way
opportunity
incentive
bribe
hope
4
an arrangement that allows buyers and sellers to exchange things
HEB
flea market
market
5
the doctrine that government generally should not intervene in the marketplace
united we stand
laissez faire
communism
capital estate
6
Which of the following is
NOT
a key economic question?
Who consumes these goods and services
what goods and services should be produced?
How to make sure that goods and services are paid for
7
The economic system of United States is considered a
socialist economy
command economy
free market capitalist economy
traditional economy
8
What is the function of an economic system?
to make sure people are paid for their labor
make sure all people have access to goods
to produce and distribute goods and services
to give all producers the same access to consumers
9
What is the struggle among various producers for the consumer's business called?
competition
socialism
self-regulation
incentive
10
What is
not
a benefit of a free market economy
?
creation of wealth
growing gap between rich and poor
a variety of goods
economic freedom
11
What
"invisible hand
" regulates the free market economy?
competition between firms
specialization
self-interest and competition
incentives and efficiency
12
Competition and self-interest are two important forces in
socialist economies
free market economies
traditional economies
command economies
13
Which of the following is largely responsible for the growth of a free enterprise system?
profit motive
consumerism
Gross Domestic Product
government
14
one's own personal gain
self-interest
motivation
materialism
15
Examples of free enterprise economies
Nicaragua, Cuba
USA, Great Britain, Japan
Malaysia, Myanmar
16
To improve its
standard of living
, a nation's economy must
reach economic equity
allow the government to make all of the decisions
grow through innovation
remain stable
17
What best describes the role of government in a free enterprise system?
control business activities
decide the companies to be formed and who will manage them
allow people to run their businesses to maximize profits
18
Which of the following is
NOT
a characteristic of a command economy?
the central government owns all land and capital
each collective or factory sets its own production goals
the central government makes all economic decisions
19
Why are products made under a command economy more likely to be low quality?
the workers have little incentive to make them well
the workers are are forced to use old fashioned methods
the workers manage production facilities on their own
there are no quality control guidelines
20
Which country has the most extreme example of a command economy?
Hong Kong
Great Britain
China
North Korea
21
Who owns the factors of production in a free market?
firms
the market
government
households
22
The method used by a society to produce and distribute goods and services
sequencing
production
economic system
the way
23
An example of a command economy is
Singapore
North Korea
Indonesia
24
Economic system guided by tight government control
stock market
free enterprise
command (centrally planned)
25
Economic system guided largely by consumer influence
free enterprise
pay for market
Stock market
