What happens in the product market

Households purchase the goods & services that firms produce

The following lists are nations with mixed economies. In which is the free market most dominant

US, United Kingdom, Singapore, Hong Kong

Which of the following is a summary of the basic economic questions

What goods & services should be produced, how, and for whom

What will be a difficulty for citizens changing from a command economy to a free market economy

Workers will lose job security and guaranteed incomes.

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ECON: Economic systems T2

18 termsStudBud Administration253 plays

look at the three systems in economics

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Questions 18

Answers

1
programs that help people in hard times
incentive
Social security
consumer sovereignty
safety net
2
What happens in the product market
Firms purchase the factors of production from households
Households purchase the goods & services that firms produce
Governments collect taxes from firms and consumers
Income is received for supplying land, labor, or capital
3
The following lists are nations with mixed economies. In which is the free market most dominant
US, United Kingdom, Singapore, Hong Kong
Russia, Peru, France, Canada
France, Canada, South Africa, United Kingdom
Cuba, Greece, China, United States
4
power to decide what gets produced
consumer sovereignty
centrally planned economy
competition
authoritarian
5
Which of the following is a summary of the basic economic questions
How, when, and from whom do consumers get what they want
Who will buy which goods, and how much will they pay
When, where, and by whom should goods be produced
What goods & services should be produced, how, and for whom
6
What did communist revolutions lead to in the Soviet Union and in China
central planning
capitalism
socialism
traditionalism
7
something that makes a person take an action
profit
incentive
consumer sovereignty
specialization
8
What will be a difficulty for citizens changing from a command economy to a free market economy
Only poor quality goods will become available to consumers
Entrepreneurs will have fewer chances to start businesses
Farmers will have to grow crops the gov't orders them to
Workers will lose job security and guaranteed incomes.
9
Which of the following is characteristic of a traditional economy
revolves around family
industrial production
high standard of living
encourages innovation
10
government should not interfere in the economy
laissez faire
centrally planned economy
authoritarian
lazy fair
11
Which of the following might a government provide as part of a safety net for citizens
a strong military defense
regulation of commerce
unemployment compensation
general elections every four years
12
concentrating on one activity
competition
incentive
specialization
profit
13
group in government makes all the economic decisions
centrally planned economy
laissez faire
mixed economy
authoritarian
14
blends free market with central planning
laissez faire
incentive
mixed economy
centrally planned economy
15
money a business earns after expenses
profit
incentive
competition
income
16
contest for the dollars of consumers
competition
profit
incentive
consumer sovereignty
17
Which of the following best describes the U.S. economy
mixed
centrally planned
free market
traditional
18
government that demands obedience
consumer sovereignty
authoritarian
socialist
centrally planned economy

ECON: Economic systems T2 Flashcards | StudBud