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Chapter 2 Review Flashcards | StudBud
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Chapter 2 Review
Chapter 2 Review
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StudBud Administration
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Economic systems, differences between capitalism and communism
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
What is the driving force for business owners to continuously grow and expand?
Market economy
Minimum wages
profit incentive
laissez-faire
2
What type of economic system does North Korea have?
Command
Market
Traditional
Supply & Demand
3
How well or comfortable you live
circular flow of the economy
standard of living
minimum wage
economic equity
4
Who answers the three basic questions in a command economy?
the government
traditions
church leaders
the people
5
An example of a market economy is
USA
the Inuit
North Korea
former Soviet Union
6
Who answers the three basic questions in a traditional economy?
business owners
the central gov't
the people
elders
7
The driving force behind a free market economy is
competition
foreign markets
the government
socialists
8
Who answers the three basic questions in a market economy?
elders
the government
the people
Mr. Zachary
9
Which group of people decide which products are being produced in a market economy?
the people
congress
property owners
the federal gov't
10
What type of economy does the US have?
command
communist
traditional
free enterprise
11
What is the purpose of gov't in a command economy?
ensure the availabilty of consumer products
promote freedom
make major decisions
encourage new businesses
