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Ch. 17 The Economic System Flashcards | StudBud
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Ch. 17 The Economic System
Ch. 17 The Economic System
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StudBud Administration
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A #civics quiz describing the various forms of economic systems in our world/country
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Economic system in which the means of production are privately owned
Profit
Corporation
Sole Proprietorship
Capitalism
2
Americans enjoy the economic freedom to
All of the Above
Own property
Compete
Earn a profit
3
Capitalism encourages people to invest so that they will do well financially and improve
False
True
4
The U.S. economic system can be described as a
Traditional Economy
Market economy
Command economy
All of the Above
5
Buyers will want more products when prices are low
Dividends
Capital
Law of Supply
Law of Demand
6
The principle that businesses will produce more products when they can sell them at higher
Capitalism
Free Competition
The Law of Demand
The Law of Supply
7
The government oversees the economy by protecting
Workers' health and safety
The environment
All of the Above
Buyers from harmful products
8
Person who organizes, manages, and assumes the risks of a business
Profit
Entrepreneur
Sole Proprietorship
Dividends
9
A small family-owned bakery is an example of a
Nonprofit Organization
Conglomerate
Sole Proprietorship
Corporation
10
The free-enterprise system means Americans
Do not pay taxes their first year in business
Able to run their business in the way they think best
Depend on the gov to tell them how to operate
Entitled to receive free products from stores
11
The duty of a corporation's board of directors is to
Choose executives to manage the company
Represent stockholders making decisions for the corporation
Both of the Above
None of the Above
12
In traditional economies, people grow their own food and make their own goods
False
True
13
Manufactured goods used to produce other goods
Profit
Law of Supply
Capitalism
Capital
14
Human effort, skills, and abilities used to produce goods and services
Labor
Law of Demand
Entrepreneur
Law of Supply
15
Corporate profits paid to stockholders
Profit
Capital
Dividends
Stock
16
If one large company owned all of the hotels in one country that company would be a
Stock
Monopoly
Free Market
Nonprofit Organization
17
The price of a resource falls when that resource is scarce
True
False
18
When corporations sell stocks, they are
Agreeing to share their profit
Selling shares of ownership in the company
All of the Above
Raising Money
19
Productivity is the amount of work produced by a worker per hour
False
True
20
Shares of ownership of a corporation
Stock
Capital
Sole Proprietorship
Corporation
21
Small business owned by one person
Corporation
Sole Proprietorship
Law of Demand
Capital
22
Some goods can be produced more efficiently by larger companies such as is called
An economy of scale
A Trust
Free Enterprise
A Partnership
23
The role of the government in the free market is limited
False
True
24
Money a business has left after it has paid expenses
Profit
Dividends
Capital
Stock
25
Lack of a particular resource
Capital
Scarcity
Labor
Stock
