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ECONOMIC SYSTEMS Chapter 3 Flashcards | StudBud
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ECONOMIC SYSTEMS Chapter 3
ECONOMIC SYSTEMS Chapter 3
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Economics Alive! Chapter 3 curriculum REVIEW
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What leads to an improved standard of living?
Economic Growth
Recession
Economic Instability
Economic Decline
2
Economic efficiency strives for _______ __________.
Limited use of resources
Limited employment
Educated employees
Full employment
3
There is NO government intervention in a free enterprise system.
True
False
4
Choose the two economic goals that are most often argued about in societies:
Economic Freedom
Economic Stability
Economic Equity
Economic Security
5
"Economic equity" can mean something different to each society.
False
True
6
What is a factor payment?
Funds paid to businesses
Funds paid to households (wages)
Funds paid to factories
7
What gave rise to socialism and communism in the 19th century?
Fiscal Conservatism
Circular Flow Model
Shrinking Economies
Capitalism
8
Economic __________ involves the fair and just distribution of a society's wealth.
Equilibrium
Equality
Efficiency
Equity
9
Economic freedom and efficiency are the highest goals of a ________ _________.
Market Economy
Command Economy
10
What does the term "laissez-faire" refer to?
Economic security
Economic stability
Economic equity
Economic freedom
11
What is the U.S. economic system called?
Free enterprise system
Modern command system
Two party system
Traditional system
12
What would government do in a model free enterprise system?
Protect property rights and enforce contracts
Support entrepreneurs to encourage innovation
Stay out of economic activity altogether
Ensure that prices remain reasonable
13
Valuing economic freedom gives _________ and ________ the right to make decisions.
Your Mom and Your Dad
Colleges and Universities
Government and Politicians
Individuals and Businesses
14
Choose the three roles of government in a mixed economy:
Regulation
Protection
Public Benefits
Authoritarianism
15
What is economic freedom?
Ability to make our own economic decisions w/o interference
Financial stability
The ability to spend all of the country's money
Limited buying power
16
The way society coordinates the production of goods and services is its:
Economic model
PPF
Economic freedom
Economic system
17
BOTH the government and individuals play a role in a _______ economy.
Market
Command
Traditional
Mixed
18
A society's answers to the fundamental economic questions depend upon their _________ ______.
Economic Connections
Current Mood
Raw Materials
Economic Goals
19
A market economy depends upon the the decisions of:
Congress
Powerful rulers
Individual consumers and producers
Corporate CEOs
20
The command economy in the Soviet Union was so poor at planning that it collapsed.
False
True
21
Choose the description that best fits a traditional economy:
An economy based upon political power
An economy based upon custom and tradition
A stable economy
A mixed economy
22
An efficient economy makes the most of society's _________.
Resources
Production
Tradeoffs
Human capital
23
Ancient command economies had their decisions made by:
The people
Economists
Children
A powerful ruler/authority
24
_________ ________ seeks to provide less fortunate society members with the supports they need.
Economic Equity
Economic Stability
Economic Freedom
Economic Security
25
The highest goals of people in a __________ economy are stability and security.
Market
Traditional
Ancient Command
Command
26
Societies strive for the opposite of economic uncertainty:
Economic Freedom
Economic Stability
Economic Growth
Economic Security
27
Binding contracts are NOT part of the U.S. free enterprise system.
False
True
28
Who makes decisions in modern command economies?
The people
The king
The state
The capitalists
29
What is a transfer payment?
Wages
Social Security, Welfare, Unemployment, etc.
Income
Dividends
30
What are the three fundamental economic questions?
Why do we produce goods and services?
For whom are goods and services to be produced?
What goods and services are to be produced?
How are goods and services to be produced?
