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Econ Chapter 2 review Flashcards | StudBud
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Econ Chapter 2 review
Econ Chapter 2 review
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Review for our Chapter 2 Economics Quiz.
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What kind of model is this?
circle of business life
Self-regulating
Mixed economy
Market economy
2
What is a safety net?
Government transfers that provide economic security
Spider-Man's Web
Total Government control
Like a regular net, but with yellow tape, for safety
3
What is a Traditional Economy?
Free ideas welcomed
Based on lineage and familial careers
Controlled by government
Allows free exchange
4
What is the invisible hand?
Goods or services
Goods and services that are consumed together
Market and mixed economies
Producers and consumers talk to one another via market sales
5
When a society develops a method to produce and distribute goods, this is called?
Economic System
Growth Domestic Product
Economic Harmony
Economic development.
6
What is a command economy
an economy controlled centrally by a government.
an economy controlled by traditions, customs, and beliefs.
an economy driven by country's individual citizens
an economic system combining private and public enterprise.
7
What does laissez faire mean?
business had to ask government for permission sell stock
Gonverment controls all
Gonverment that stays out of business affairs.
8
What is Standard of living?
unlimited wants and needs, with limited resources
level wealth, material goods, comfort and life necessities
% of unemployed out of all the people who are able to work
participants in an economy rely on each other
9
what is patriotism?
helps and takes care of others.
influences all of the other traits of good citizens.
a sense of duty,love, and respect for ones country.
when one takes responsibility for their own warfare.
10
what is a market economy
an economy controlled by traditions, customs, and beliefs.
an economic system combining private and public enterprise.
an economy driven by country's individual citizens
an economy controlled centrally by a government.
11
What is Free Enterprise?
Economic system, business is completely free from state.
Economic system, state owns all businesses.
Economic system, business is mostly free from state control.
Economic system, business is run by the state.
12
What is an incentive?
A shift in the PPC curve
Getting money
A good smell
Motivates one to do something
13
What is a mixed economy?
Combines elements of the command and market economies
Making an economic decision independently
The private ownership of economic
To dispose of things of value
14
What kind of model is this?
communist economy
Product market
market economy
incentive market
15
What is Economic Efficiency?
How engines work
An efficient economy that makes the most of resources.
All of the above
The cost of machines.
16
what is socialism?
transitional state between capitalism & communism
artistic and literary movement of 19th century
an aspect of the industrialization of agriculture
social experiment of the monarchy of Europe
17
Which of the following are one of the three key economic questions?
How do we make electricity?
How does Kevin Hart ride roller coasters?
Who will eat our snack food?
How do I tie my shoes?
18
What is Communism?
A type of ism
A type of government
A way of life
A internet meme
