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Duplicate of Chapter 2 : Economic Systems Flashcards | StudBud
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Duplicate of Chapter 2 : Economic Systems
Duplicate of Chapter 2 : Economic Systems
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StudBud Administration
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
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Questions
16
Answers
1
What is the rights of individuals and groups to own property?
Private Property Rights
Public Land Rights
Property Ownership Rights
Public Property Rights
2
In which economic system does the government decide what goods and services will be produced?
Market
Fiat
Command
Traditional
3
What is the term for a system in which society's leaders make all economic decisions?
Socialist Run Economy
Government Owned Economy
Communistic Planned Economy
Centrally Planned Economy
4
What is the government system in which the government owns factors of production?
Capitalism
Socialism
Realism
Oligarchy
5
From who's ideas was communism developed?
Kim Jong Il
Mao Zedong
Matt Jackson
Karl Marx
6
What is the concept that consumers have to power to purchase what they want, giving them power?
Consumer Sovereignty (choice)
Consumer Determination
Consumer Autonomy
Consumer Jurisdiction
7
Which economic system is based on customs or beliefs passed down generation to generation?
Traditional
Fiat
Command
Market
8
What is the french term meaning "leave things alone"?
au revoir
sacre bleu
omelette du fromage
laissez faire
9
What is the effort between two or more people to try to get the business of others?
Struggle
Competition
squabbin'
Conflict
10
What is the extreme form of socialism?
Marxism
Socialism X
Communism
Leninism
11
What is the term for a system that requires absolute obedience to authority?
Monarch
Authoritarian
Command
Forcism
12
The invisible hand
is the choices consumers and producers make
casper's hand
the hand that you can't see
karl marx's idea
13
What economic system is based on private ownership of the factors of production?
Capitalism
Communism
Marxism
Socialism
14
What is the best example of a command economy in the modern world?
South Korea
China
North Korea
Malaysia
15
Which economic system does the United States have?
Mixed-Market
Market
Traditional
Command
16
Which economic system is based on individual choice?
Fiat
Traditional
Market
Command
