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Economics: Chapter 2-3 Review Flashcards | StudBud
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Economics: Chapter 2-3 Review
Economics: Chapter 2-3 Review
20 terms
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StudBud Administration
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Economic chapter 2-3 review: Economic Systems and Free Enterprise
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
An issue with economic goals of the US is
its soooo new
the public disagrees with goals
it so crazzzyy
its a big hat
2
"ruler" of the market
Ruler of the seven kingdoms!
ME!
Consumer sovereignty
popular sovereignty
3
What is one role the government has in our free enterprise?
anarchy!!
mother - makes sure our faces are clean
takes our land and stuff away
Protector - enforces laws to protect customers
4
What is one characteristic of free enterprise?
private property rights
let the starship go
protector - enforces laws
traditional economy
5
Communism is an example of a command economy
False
Command me!
True
Make it so!
6
program of disability and retirement benefits
secret service
social security
social services
security services
7
Supply side tendencies mean that consumers have less power
False
True
huh huh he said suppppply
maybe
8
Using money and resources wisely is
economic security
economic efficiency
security blanket
economic freedom
9
Basic economic decisions are made by people and firms acting in their own best interests.
Command Economy
really selfish people!
Traditional Economy
Market Economy
10
What role does the entrepreneur have in our country?
helps me get monayyy
a great chef!
is the person in charge of High Schools
catalyst for change, progress
11
program of health insurance for senior citizens
obamacare
medicare
carrie underwood
idontcare
12
What is one benefit of our economy?
No LAWS
Dolla bills ya'llll
Competition!
the LAWS
13
Why is it hard to describe mixed economies?
they don't last very long
They never share
They are so different from nation to nation
Haven't read the diary yet
14
economic activity stems from ritual, habit or custom
mixed
market
command
traditional
15
Blending of qualities from 2 or more pure economic systems
command economy
economic system
mixed economy
delicious blend
16
This is carried out with insurance, unemployment benefits, medicare etc?
economic security
economic equity
economic freedom
economic economics!
17
rise of prices of goods and services
medicare
inflation
deflation
brrrrrrrrr
18
Socialism is what type of economy
no idea
confused
mixed
traditional
19
taking away ownership of factors of production from government.
privatization
private access
Social Security
inflation
20
economic conditions are made by a central authority.
command
your momma
market
my momma?
