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Economics Chapter 2 Flashcards | StudBud
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Economics Chapter 2
Economics Chapter 2
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1
Type of economy that has 1 dominant type, but combines characteristics of several ec. systems
Command
Traditional
Market
Mixed
2
Switching from public ownership to private ownership
Privatize
Nationalize
3
In a Communist economic system, who owns the resources?
Households
People
Government
Businesses
4
Type of economic system that combines government and private ownership more evenly
Market
Socialism
Traditional
Mixed
5
The market type you are used to. Where you go to purchase goods.
Factor Market
Farmer's Market
Product Market
Government Market
6
Which is the most common type of economic system today?
Market
Command
Mixed
Traditional
7
Switching from private ownership to public ownership
Privatize
Nationalize
8
Market where businesses go to buy the factors of production.
Farmer's Market
Factor Market
Product Market
Government Market
9
What visualizes how all interactions occur in a market economy?
PPC
Circular Flow Model
Lorenz Curve
10
An economic system that includes gender based roles and a lower standard of living is
Market
Traditional
Command
Mixed
11
The circular flow model includes all of the following EXCEPT
Businesses
Government
Households
Foreign Governments
