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IGCSE 2.1- Economic Systems Flashcards | StudBud
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IGCSE 2.1- Economic Systems
IGCSE 2.1- Economic Systems
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#economics
Flashcards
17 cards
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Questions
17
Answers
1
Money a business earns after expenses is called:
opportunity cost
factor cost
profit
incentive
2
In which economy does the government make all the decisions?
free market
centrally planned
traditional
mixed
3
Any arrangement that allows buyers and sellers to exchange things is called:
self interest
competition
market
circular flow
4
Which country is the only one that is truly a perfect free market?
Canada
New Zealand
USA
there is none
5
Which of the following best describes a market economy?
The government provides food and housing to all workers
The government provides services, like phones and TV
a person can start any legal business and charge any price
National businesses, like airlines, are government owned
6
A government program that protects people facing unfavorable economic conditions:
social safety net
economic inequality
profit
economic system
7
Which of the following is not one of the basic economic questions answered by a country?
How will things be produced
What will be produced
What kind of currency will be used
Who will get what is produced
8
What does a centrally planned economy oppose that a free market economy encourages?
freedom
private property
all of the above
competition
9
Concentrating on one activity is known as:
safety net
consumer soverignty
specilization
laissez faire
10
The economic system of communist countries is most closely related to which of the following?
traditional
market
centrally planned
supply and demand
11
What is a mixed economy?
a communist economy
an economy that needs more government intervention
an economy that combines markets and central planning
an economy that with lots of different races of people
12
Which term best describes an economics system in which the people own land and businesses?
traditional
centrally planned
communism
market
13
Which is found in a market economy?
Government control of industry
guaranteed yearly pay raises
Government control of agriculture
competition
14
The economic system of the Soviet Union falls into which category?
market
centrally planned
capitalism
traditional
15
Which country has a truly centrally planned economy?
China
Hong Kong
South Korea
North Korea
16
The method used by a society to produce and distribute goods and services is called:
profit
safety net
socialism
economic system
17
An organization that uses resources to produce a good or service, which is then sells is a:
Firm
Institute
Government
Household
