In a free enterprise system, when would prices most likely fall?

demand decreases - supply stays the same

Advantage of a corporation over a sole proprietorship...

corporations get money from many investors

Free enterprise system is based on these factors

private ownership, individual initiative, profit,competition

All countries engage in trade, because factors of production...

are unequally distributed around the world

Communist economies are characterized by

state ownership of the means of production

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Government Ch.23 - Comparative Economic Systems

20 termsStudBud Administration185 plays

#Capitalism

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Questions 20

Answers

1
All of the following are factors of production EXCEPT
time
land
labor
capital
2
Why has socialism become unpopular in some European nations?
hurts democracy
move towards communism
programs too costly
move towards collectivism
3
Combines resources to start a business
entrepreneur
socialist
stock holder
communist
4
Trade agreement between the U.S., Mexico and Canada
NAFTA
GATT
EU
UN
5
Term for the earnings of a business, minus the costs
loss
supply
profit
capital
6
In a free enterprise system, when would prices most likely fall?
supply and demand both increase
demand increase - supply falls
demand increases - supply stays the same
demand decreases - supply stays the same
7
What does the security and exchange system do?
oversees the stock market
regulates the U.S. banking system
protects the rights of U.S. workers
sets interest rates
8
Advantage of a corporation over a sole proprietorship...
share values increase every year
corporations get money from many investors
shareholders cannot lose what they invest
fewer laws apply to a corporation
9
Free enterprise system is based on these factors
private ownership, individual initiative, profit,competition
land, capital, labor, entrpreneurship
one-party rule, central plan, collectivization, state owner
nationalization, public welfare, high taxes, command economy
10
A country that provides many services
welfare state
communist
socialist
capitalism
11
Placing enterprises under governmental ownership
utilitarianism
nationalization
privatization
collectivism
12
A supporter of laissez-faire would be against?
diplomatic relations with foreign countries
restaurant inspections
government price controls
funds spent on the military
13
This is typical of socialist economies
high taxes
central planning
privatization
collectivization
14
Protects industries from foreign competition
protectionism
trade embargo
tariff war
globalization
15
What is true about physical capital?
it is not used in command economies
it is the least important factor of production
it is the same as natural resources
it is human-made resources
16
System where goods are bought and sold in a free market
entrepreneurship
socialism
free market system
globalization
17
Which communist policy forced farmers to give up their land?
nationalization
privatization
collectivization
globalization
18
Stopping trade with a country
Protectionism
Trade War
Import Quota
Trade Embargo
19
All countries engage in trade, because factors of production...
are needed in certain economic systems
allow them to produce everything they need
make all countries equally competititve
are unequally distributed around the world
20
Communist economies are characterized by
free elections
state ownership of the means of production
strong unions and worker protections
lack of central planning

Government Ch.23 - Comparative Economic Systems Flashcards | StudBud