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Chapter 2: Economic Systems application Flashcards | StudBud
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Chapter 2: Economic Systems application
Chapter 2: Economic Systems application
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Economic Systems
Flashcards
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14
Answers
1
Three basic types of economic systems are:
what to produce, how to produce, who will receive the goods and services
free enterprise, command economy, mixed economy
free market, natural resources, labor
individual rights, state rights, mixed rights
2
Which term indicates ownership by an individual or business?
state-controlled
private property
collective control
collective property
3
Which of these is a characteristic of a command economy?
unions ensure fair treatment of workers
consumers can buy whatever goods they want
the proletariat produces goods that improve the economy
natural resource extraction is controlled by the states
4
Which is one predicted result of a
laissez-faire
system?
unlimited supply of consumer products
producers compete for resources
more government involvement in business
better workplace conditions for workers
5
How was Marx's view of communism different than what exists today?
in the vision, property would collectively belong to the people
in the vision, no economic system would be needed
currently, people live in a classless, agricultural society
Currently, people share power with the government
6
Which is a socialist aspect of the American mixed economy?
American-made goods can be sold in all 50 states
consumers can decide to buy wind energy from power company
private health insurance marketplace
education through high school is free
7
Neverland has a centrally planned economy where everyone collectively owns the property and resources.
It is a free market economy.
It is a mixed economy.
It is a socialist economy.
It is a command economy.
8
In a true free market economy, what would occur?
safety regulation would offer consumer protections
access to natural resources would be uncontrolled
successful producers would be given tax breaks
workers would obtain fair wages by law
9
What is the main goal of a mixed economy?
to gain private property
to ensure fairness in business
to promote individual and social rights
to get rid of high taxation
10
Albion has no government regulation of industries and uncontrolled access to resources.
It is a free enterprise economy.
It is a command economy.
It is a socialist economy.
It is a mixed economy.
11
Adam Smith wrote
Wealth of Nations
, which explained the concept of __________ economics.
mixed
communist
socialist
laissez-faire
12
Utopia's government owns all of the industries, but people are still able to have private property.
It is a socialist economy.
It is a command economy.
It is a free market economy.
It is a laissez-faire economy.
13
How do the goals of socialism and capitalism differ?
socialism stresses individual rights
capitalism stresses government regulation
socialism stresses choice
capitalism stresses private ownership of businesses
14
What are the four factors of production?
labor, resources, capital, entrepreneurship
laissez-faire, bourgeoise, proletariat, invisible hand
producers, consumers, distributors, entrepreneurs
free enterprise, command economy, socialist economy, mixed economy
