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Economic Systems and the U.S. economy Flashcards | StudBud
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Economic Systems and the U.S. economy
Economic Systems and the U.S. economy
17 terms
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StudBud Administration
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908 plays
#economics #communism #capitalism #markets
Flashcards
17 cards
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Questions
17
Answers
1
What type of economy does the United States have?
Anarchy
Communist
Capitalist
Mixed
2
What is a monopoly?
when only one business sells a product
when the government provides a service
when multiple businesses sell a product
3
What is profit?
The money you get from selling a product
The amount of money in your bank account
The money left over after you pay all your expenses
4
In the U.S., which of these services does the government provide?
making commercial airplanes
building roads
selling houses
building privately owned buildings
5
Which of these is a "basic question of economics"?
How much money can I make?
Where did this product come from?
What will be produced?
6
In the widget making video, how did the businesses owner make more widgets once he sold out?
bought more raw materials
he got his employees to make a different product
he just closed his store
7
A mixed economy has both of these economic principles at work...
Capitalist/Communist
money/credit
Free Market/paid-for market
8
This is a picture of which type of economic system?
Traditional
Free Market
Command
9
In which economy do individuals and businesses have the right to own private property?
Capitalist
Communist
Free Market
Command
10
What is another name for a free market economy?
Socialist
Capitalist
Communist
11
The term "consumer sovereignty" means consumers determine...
what products will be made
what products the government will make
what products will be banned
12
In a free market economy, a "market" is...
a place to shop for food
an area where businesses sell a certain product
a place to buy clothing
13
In a Free Market economy, which of these helps lower prices?
Incentives
Competition
Monopolies
14
How much is the government involved in a Free Market Economy?
a lot
somewhere in the middle
very little
15
Why do countries have economies?
The make a lot of money
To determine how to best use their limited resources
To pay for services for their citizens
16
What is another name for a command economy?
Traditional
Free market
Communist
17
When an economy is "centrally-planned", this means that...
individuals make all economic decisions
every mode of production is in the same place
the government makes all economic decisions
