Econ Ch2

A disadvantage of this economic system is that it does not provide for the basic needs of all

Social Security is an example of which social/economic goal?

A socialist form of government can be found with this type of economy.

There is a high amount of individual freedom in this economic system.

Entrepreneurs are important in this type of economic system.

Mrs. Von Glan's favorite color is...

People cast "dollar votes" in this economic system

Progress is highly stressed in this economic system

A disadvantage of this economic system is that they are less efficient and have higher costs

A key element in this type of economy is bartering

The rise in the general level of prices

This economic system answers all of the 3 basic economic questions.

Lowest legal wage that can be paid to most workers

Economic system in which private citizens own and use the factors of production for profit

This type of economic system provides a variety of goods and services.

Fundamental feature of capitalism that allows individuals to own/control their possessions

In these 2 economies, there is little incentive for you to work hard

The struggle among sellers to attract consumers

The Soviet Union during the Cold War is an example of this economic system.

Aborigines in Australia or Inuit in northern Canada are examples of this economic system.

These economic systems often fail due to greedy leaders

This economic system often reaches those who have been left out-- sick, unemployed, etc.

Economic/political system in which all factors of production are collectively owned.

In this economy, if your parents were hunters, then you are also

This economic system discourages new ways of doing things

Economic system in which economic activities are based on ritual, habit or custom

The base value of this economic system is cooperation.

Organized way in which a society provides for the wants and needs of its people

A disadvantage of this economic system is that the basic wants/needs of people are ignored

Incentive that encourages people/organizations to improve their financial/material well-being

Political/economic system in which the government owns and controls SOME factors of production

Which of the following is a role of the government in Free Enterprise?

Economic system in which supply, demand & the price system help people make economic decisions

Federal program of disability & retirement benefits that cover most working people

Modern day examples of this economy can be found in North Korea and Cuba.

Examples of this economy can be found in the US, Australia & England

Means the consumer is a ruler of the market & determines the types of goods/services produced

Economic system in which a central authority makes the major economic decisions

When persons or organizations are better off financially at the end of a period than beginning

This system needs a large decision-making government

Capitalistic economy in which competition is allowed to flourish with minimum govt interference

Which is NOT an economic/social goal?

In this type of economy, there is no private property-- everything owned by the govt

Capitalism is the key characteristic of this economy

Economy: people carry on their economic affairs freely but subjected to some govt intervention