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Duplicate of Chapter 2 : Economic Systems Flashcards | StudBud
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Duplicate of Chapter 2 : Economic Systems
Duplicate of Chapter 2 : Economic Systems
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StudBud Administration
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
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Questions
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Answers
1
What is the term for a system in which society's leaders make all economic decisions?
Socialist Run Economy
Centrally Planned Economy
Government Owned Economy
Communistic Planned Economy
2
What is the french term meaning "leave things alone"?
omelette du fromage
sacre bleu
au revoir
laissez faire
3
In the circular flow model, which of the following is INCORRECT
money flows from the product market> business>factor market
the factor market buys productive resources from businesses
households buy goods and services from the product market
individuals sell factors of production to the factor market
4
In Socialism, the government owns
all industries
all resources
all private property
some or all factors of production
5
What is the concept that consumers have to power to purchase what they want, giving them power?
Consumer Jurisdiction
Consumer Determination
Consumer Autonomy
Consumer Sovereignty
6
What is the government system in which the government owns factors of production?
Realism
Socialism
Oligarchy
Capitalism
7
From who's ideas was communism developed?
Kim Jong Il
Karl Marx
Matt Jackson
Mao Zedong
8
What is the effort between two or more people to try to get the business of others?
Competition
Conflict
Fight
Struggle
9
Which economic system is based on customs or beliefs passed down generation to generation?
Command
Fiat
Market
Traditional
10
What is the best example of a command economy in the modern world?
Malaysia
China
North Korea
South Korea
11
Specialization increases productivity because
workers are not so tired or bored.
it reduces the number of workers needed.
workers gain expertise in their assigned tasks.
it increases the number of workers needed.
12
Which economic system does the United States have?
Mixed-Market
Traditional
Command
Market
13
Which economic system is based on individual choice?
Command
Fiat
Traditional
Market
14
The American economy is actually
traditional
mixed
command
pure market
15
In which economic system does the government decide what goods and services will be produced?
Market
Traditional
Fiat
Command
16
What is the term for a system that requires absolute obedience to authority?
Command
Authoritarian
Forcism
Monarch
17
What economic system is based on private ownership of the factors of production?
Communism
Marxism
Capitalism
Socialism
18
The way a society answers the 3 basic economic questions
mixed system
economic system
command economy
pure market economy
19
What is the extreme form of socialism?
Socialism X
Communism
Leninism
Marxism
20
What is the rights of individuals and groups to own property?
Private Property Rights
Public Property Rights
Public Land Rights
Property Ownership Rights
