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