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Chapter Two Econ. Review Flashcards | StudBud
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Chapter Two Econ. Review
Chapter Two Econ. Review
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1
_____ describes a type of government where people have a say, government owns major industries.
Democratic Socialism
Communist
Economic System
Market economy
2
In the U.S., both ________________ and individuals share in making economic decisions.
Communist
People
Government
3
According to Adam Smith, what will the best economic system have?
Government help
Competition
Incentives
Democracy
4
Adam Smith
Father of modern economics
Incentive
Inuit Culture
5
What is another name for a command economy?
Capitalism
Traditional
Planned
Socialism
6
In a __ economy, the government owns the utilities, transportation, and other major industries.
Socialist
Democracy
Mixed
7
Traditional economy
According to Adam Smith, everyone wants this
contest between businesses to sell a product or service
Inuit culture is an example of this kind of economy
8
What Economic System, the three economic questions by custom and tradition?
Command
Market
Traditional
9
First question to be answered in all economic systems.
Where
What
When
10
Command
People have a say
everyone wants this
government give answers tothe three economic questions
11
A __________ is something that makes a person take an action.
Invisible hand
Government
Incentive
12
What did Adam Smith think about the role of government in capitalism?
No role in the economic system
Is what people want
Should have total control
13
What chapter is this?
Two
One
Three
14
Why is capitalism called an efficient economic system?
total government control
cost less
Producers uses resources to make what people want
15
What kind of economy is a blend of economic systems?
Command
Market
Mixed
Traditional
16
Competition
Contest between businesses to sell a product or service
Economic System
private businesses to own and control production
17
What features of China’s mixed economy show that it leans toward a command economy?
Gov. controls much of the capital,land, and factories
People have total say
People set economic system
18
Communism
Father of modern ecomonics
belief that people work as well as they can
Inuit culture
19
_____________ is another name for capitalism.
Mixed economy
Traditional economy
Market economy
20
In a ____________ economy, the government owns all property, factories, and land.
Traditional
Communist
Mixed
Market
21
In a _______________, citizens take part in the government.
Democracy
Socialist
Communist
22
Market Economy
ather of modern economics
money left after production costs have been paid
ndividuals and private businesses own andcontrol production
23
In the U.S., ____ often decide how things are produced.
Government
business owners
other countries
24
Cars and CDs are examples of ________ to produce.
How
What
Who
25
________ is a common incentive in a capitalist economy.
Production
Profit
Popularity
26
According to Adam Smith, ____ should not get in the way of competition.
Governments
Individuals
Businesses
27
What economic system people are free to buy goods and services that they want?
Traditional
Command
Market
28
____________ is the belief that governments not individuals should own a country's industries.
Socialism
Mixed
Command
29
Traditional economies are often found in ______________ areas.
Rural
Big Cities
Communist
30
Profit
Money left over after production cost have been paid
Market economy
elected leader
31
A _________ economy does things as they were done in the past.
Mixed
Command
Traditional
32
Second question to be answered in all economic systems.
who
Where
How
33
Dictatorship
Rule country by force
Invisible hand
people have a say
34
What is an invisible hand?
Karl Marx idea
Adam's Smiths idea
Manifesto
35
What is the third question to be answered in all economic systems?
How
Who
What
36
Which economic system the government leaders give the answers to the three questions?
Traditional
Market
Command
37
What are the three basic economic questions?
Who,What, and When
What, How, and Who
When, Where, and How
How, Where, and What
38
Money
Democracy
Adam Smith says everyone wants this
Government
39
Adam Smith believed that competition acts like ...............
Incentive
Invisible hand
Market economy
40
In ___ countries, almost all people have a chance to get the goods and services produced.
Poor
Rich
middle class
41
______ is another term for capitalism.
Market economy
Socialism
Closed Market
42
Adam Smith believed that ______ was like a contest to sell products and services.
Economics
Communism
Competition
43
People are not free they must follow the decisions made by the government.
Traditional
Mixed
Command
44
A ____________ helps a society provide for the wants and needs of its people.
Incentive
Economic system
Rural
45
What is the purpose of an economic system?
to tax the rich
Society tries to provide for wants and needs of people
To make the government strong
46
Representative
money left after production cost
elected leader makes and carries out laws
a contest
47
People often work harder in a ___________ system.
Socialist
Capitalist
Command
48
What are three ways socialism might benefit people ?
Rich, government control, more money
Free Health care,education,and Welfare
incentive, choice, Production
49
What is the United States Economic System?
Mixed
Command
Market
50
Which economic system is the only pure system that really exists?
Traditional
Command
Market
Mixed
