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Economic Systems
According to Adam Smith
A rise in general prices
Economic Systems
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1
A rise in general prices
social security
fixed income
inflation
competition
2
According to Adam Smith
left to themselves, people would mishandle the economy
the role of the government is to allocate resources
a mixed economy combines all of the benefits of all systems
government should not interfere in the marketplace
3
A major characteristic of a pure market economy is
an oversupply of labor
strong government planning
regulated prices
unrestricted competition
4
The act of buyers and sellers freely and willingly engaging in market transactions
private property
profit motive
consumer sovereignty
voluntary exchange
5
Where would the U.S. economy be located in the diagram?
W
X
Y
Z
6
The ADA bans discrimination in employment against people with disabilities The law would be?
S
P
Q
R
7
In a ___ economy, majority of the authority comes form the government who controls the factors
traditional
mixed
market
command
8
It is easier to start your own business in a
command economy
traditional economy
controlled economy
free enterprise system
9
Role of consumer as ruler of the market when determining the types of goods & services produced
profit motive
voluntary exchange
private property
consumer sovereignty
10
In a society with a_, the allocation of scare resources and activity stem from ritual or custom
traditional
market
mixed
command
11
A federal program of disability and retirement benefits that covers most working people
social security
fixed income
inflation
competition
12
In a capitalist system, most property is
owned by the banks
owned by the government
private property
regulated by the government
13
The word "equity" means?
fairness
expansion
equality
profitability
14
Pure socialism is characterized by
centralized economic planning and state ownership of factors
a complete absence of government
decision making based on traditions and customs
individual ownership of the factors of production
15
Another term for capitalist system is a
command economy
market economy
laissez-faire system
mixed economy
