stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
10 23.2.16 Civics Economic Systems and Macroeconomics CC Flashcards | StudBud
Explore
/
10 23.2.16 Civics Economic Systems and Macroeconomics CC
10 23.2.16 Civics Economic Systems and Macroeconomics CC
10 terms
·
StudBud Administration
·
10 plays
Imported from external platform
Flashcards
10 cards
F
Practice quiz
P
Host live
L
Questions
10
Answers
1
Economist Thomas Sowell said there are no total economic solutions only
trade-offs
trade-ins
pay-offs
trade-ups
2
According to Karl Marx the theory of communism can be summed up as the abolition of
public property
the public
property
private property
3
It’s important for you to be informed about the _________and _________of economic systems.
merits / limitations
limitations / costs
merits / limitations
merits / costs
4
_____________ is up to people and the governments they elect.
Opportunity profit
Opportunity cost
Benefit outweighing cost
Benefit outweighing profit
5
What does the role of a capitalist government not necessarily include?
step in when the free mearket gets things wrong
maintain public goods and services
command the economy
maintain the rule of law
6
We don’t have an infinite amount of _________like raw materials, workers and time.
air
poverty
demand
resources
7
Most country’s economies are
mixed
free
command
socialist
8
Resources won’t be wasted producing a product if there’s no ___________for it.
consumer goods
consumer demand
consumer supply
consumer price
9
What does an economic system not necessarily consist of?
what will we produce?
how will we produce it?
who get whats we produce?
what is produce?
10
Rather than a communist one__________ now has transitioned to a socialist market economy.
Russia
Singapore
the US
China
