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Duplicate of Chapter 2 - Economic Systems and American Economy Flashcards | StudBud
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Duplicate of Chapter 2 - Economic Systems and American Economy
Duplicate of Chapter 2 - Economic Systems and American Economy
12 terms
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StudBud Administration
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economics practice quiz for Chapter 2 of Glencoe Economics Today and Tomorrow Textbook
Flashcards
12 cards
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Questions
12
Answers
1
Today the vast majority of economic systems are
capitalist
market
mixed
traditional
2
The following countries all use command systems EXCEPT
North Korea
Cuba
France
China
3
Money left over after the cost of production have been paid
profit
assets
receipts
owner's equity
4
Who owns the factors of production in a market system?
economists
government
individuals
communities
5
Major characteristic of a pure market system is
an oversupply of labor
strong government planning
regulated prices
unrestricted competition
6
The goal of economic stability would be to reduce extreme ups and downs in the
nation's economy
opportunity costs
factors of production
standard of living
7
All economic systems must answer these 3 questions
How, Why, When
This, That, What
When, Where, What
What, How, Whom
8
When the benefits of an economic decision exceeds the costs
economic efficiency increases
production of goods decrease
economic freedom decreases
economic efficiency decreases
9
It would be easiest to start a sporting goods store business in this type system.
regulated
traditional
free enterprise
command
10
What motivates people to start a new business or expand an existing one?
private property ownership
government regulations
profit incentive
freedom of choice
11
Rivalry among producers or sellers of similar goods and services to win more business.
capitalism
competition
laissez-faire
profit incentive
12
System in which economic decisions are based on customs and beliefs handed down
market
command
mixed
traditional
