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Pearson topic 2.1-2.4 economic systems Flashcards | StudBud
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Pearson topic 2.1-2.4 economic systems
Pearson topic 2.1-2.4 economic systems
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Economics test review #economicsystems
Flashcards
18 cards
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Questions
18
Answers
1
the doctrine that government generally should not intervene in the marketplace
capital estate
laissez faire
communism
united we stand
2
an arrangement that allows buyers and sellers to exchange things
HEB
flea market
market
3
Which country has the most extreme example of a command economy?
Great Britain
China
North Korea
Hong Kong
4
firms own the factors of production
false
true
5
What best describes the role of government in a free enterprise system?
control business activities
decide the companies to be formed and who will manage them
allow people to run their businesses to maximize profits
6
one's own personal gain
materialism
self-interest
motivation
7
Why are products made under a command economy more likely to be low quality?
there are no quality control guidelines
the workers manage production facilities on their own
the workers have little incentive to make them well
the workers are are forced to use old fashioned methods
8
What is the
product
market?
households purchase goods and services from firms
market in which firms purchase the resources households
the market in which income is received for selling resources
9
Philosopher that argued the free market would regulate itself
karl marx
vladimir lenin
adam smith
joe stalin
10
economic system in which the government makes all of the decisions
mixed
centrally planned
free market
free enterprise
11
Who owns the factors of production in a free market?
households
the market
government
firms
12
The economic system of United States is considered a
socialist economy
command economy
traditional economy
free enterprise system
13
term describing the self-regulating nature of the marketplace
incentive
lazy fair
"invisible hand"
14
market based economy with varying degrees of government involvement
free market
centrally planned
authoritarian
mixed economy
15
Economic system guided by tight government control
stock market
command (centrally planned)
free enterprise
16
Competition and self-interest are two important forces in
traditional economies
command economies
socialist economies
free market economies
17
Economic system in which private individuals or corporations own capital goods...like the US
socialism
free enterprise
communism
command economy
18
economic system guide by customs and rituals
Virtual
Customary
Traditional
