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Unit Six Economics Flashcards | StudBud
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Unit Six Economics
Unit Six Economics
32 terms
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Questions
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Answers
1
An economic system that combines elements of all the other basic systems.
Mixed
Command
Traditional
Market
2
A Command Economy is...
when the government decides and controls the economy.
none of the above.
when the country's economy depends on their skills.
when supply and demand commands the decisions.
3
Socialism is concerned most with?
Private ownership and profits
Helping the government profit.
Removing economic classes
Providing equal necessary goods to the whole
4
Developed nations feature which levels of economic activity?
Secondary & tertiary
Primary & secondary
Tertiary & quaternary
5
What is Communism?
A Society in which the people control the economy.
A politcal view held by everyone with facial hair.
A society in which the government commands what is produced
A system of government ruled by a king
6
What are the disadvantages of outsourcing?
higher cost of operation and labor.
More effort and work.
quality problems and loss of managerial control.
helps put more focus into a company.
7
All are economic systems except ........
Mixed Economy
Free Market Economy
Command Economy
Banking System
8
Socialism is the belief that....
Means of productions should be communally owned
The workers will take over the means of production
Means of production should be privately owned
Class struggle defines history
9
Economic indicators of development include.....
the HDL
access to clean water
birth and death rate
GDP
10
Outsourcing is
Ways in which the world's economies are linked
Businesses hire companies 2 produce their services or goods.
The demand for particular jobs, in each country.
11
Which behavior best describes traditional economies?
Working for employer
Following government orders
Following parent's footsteps
Making own decisions
12
The Primary Economic Sector does this…
Sell It!
Research It!
Gather It!
Make It!
13
The Quaternary Economic Sector does this…
Make It!
Research It!
Gather It!
Sell It!
14
Communism and Capitalism are opposite economic systems
False
True
15
Both socialism and communism are variations of:
free-market economies
Capitalist economies
competitive economies
Command economies
16
Factories that produce large quantities of manufactured goods to sell to the open market are
nuclear industry
secondary industry
Cottage industry
Commercial industry
17
Traditional Economies are based in ritual, habit, and custom
False
True
18
What is an economic system?
the ability to produce more of a given amount of resources.
A system on private ownership trade between buyers sellers.
A system where power distribution is included.
The ways in which society answers the big three economic questions.
19
In communism, government owns all types of business.
FALSE
TRUE
20
Socialists promote economic ...
Inequality
None of the above
Equality
All the above
21
Traditional Economies typically revolve around...
The stock market
Bitcoin
Whatever the government wants it to
Hunting, fishing, growing, and gathering
22
Why is the service industry a part of tertiary industry rather than secondary industry?
The service industry has lower paying jobs.
The service industry employs workers around the world.
The service industry doesn't involve manufacturing.
The service industry requires less training.
23
Communism proposes...
a plan to gain control of the world under the USSR
the elimination of private property and owenrship of industries
that only the leaders could have benefits
that everybody should share everything
24
The Secondary Economic Sector does this…
Gather It!
Sell It!
Make It!
Research It!
25
What is the main goal of Communism?
Obtain a lot of money
To have freedom for its citizens
Be traditional
Create an economy where everyone is "equal"
26
GDP is...
how much a single business produces in a period of time.
taxes payed by citizens over a specific period of time.
value of goods and services produced in a country over time.
a country's unemployment rate over a period of time.
27
Communism and Capitalism are opposed economic systems
True
False
28
What does free market economy mean
an economic system based on free trade where people control the economy
money received after costs are paid
goods sent to other regions for trade
goods brought in from other countries
29
The Secondary Economic Sector does this…
Sell It!
Research It!
Make It!
Gather It!
30
My favorite animal?
Dog
Cat
31
What are the economic sectors?
Secondary, Fourthinary, Primary
Primary, Secondary, Octogonary, Quaternary
Primary, Secondary, Tertiary, Quaternary
Primary, Secondary, Tertiary
32
What is a free market system?
capitalism
company owners decide the products they sell
a key term
system of people who own most of the companies
