Why are entrepreneurs important in a free enterprise economy?

Entrepreneurs stat new businesses

All of following are weaknesses of a command economy EXCEPT that it (What does Kim do well?)

Can change direction drastically in a short time

Which of following is likely to occur in a traditional economy?

Father teaches son how to clear land for crops

Which of the following is NOT a strength of a market economy? (What do we suck at?

it supports all of its people equally

Why is competition so important in a market Economy

Lowers prices and offers choices for consumers

Why is economic growth an important goal of the United States?

Economic growth is needed to satisfy people wants and needs

What are the origins of the seven major economic and social goals on the USA?

Beliefs and statements of consumers, entrepreneurs, govt

Which of the following is an example of economic growth?

A new car factory opens, 1500 jobs created

What is the governments role in a mixed economy?

Regulator charged with preserving competition

studbud

Economics Unit 2

14 termsStudBud Administration283 plays

Imported from external platform

Flashcards14 cardsFPractice quizPHost liveL

Questions 14

Answers

1
Why are entrepreneurs important in a free enterprise economy?
Entrepreneurs pay higher wages
Entrepreneurs help define economic goals
Entrepreneurs stat new businesses
Entrepreneurs don't pay taxes
2
All of following are weaknesses of a command economy EXCEPT that it (What does Kim do well?)
Can change direction drastically in a short time
Require large decision making body
Lacks flexibility
Provides few incentives
3
Which of following is likely to occur in a traditional economy?
A new hollister opens
Father teaches son how to clear land for crops
A new factory opens
Governments builds more tanks
4
Which of the following is NOT considered an economic and social goal?
economic growth
price stability
economic efficiency
entrepreneurship
5
How do consumers exercise their power in the American Economy?
By deciding what to purchase
By saving their money
By becoming entrepreneurs
By working for business
6
Which of the following is NOT a strength of a market economy? (What do we suck at?
it has decentralized decision making
It give producers and consumer a lot of freedom
it supports all of its people equally
It can adjust to change over time
7
Why is competition so important in a market Economy
Lowers prices and offers choices for consumers
Let Central Planner analyze whats needed
It provides more security
Raises prices and reduces choices
8
Why is economic growth an important goal of the United States?
Economic growth is needed to satisfy people wants and needs
Americans has a strong sense of fairness
Economic growth leads to price stability
Economic growth is the only way to achieve equality
9
What are the origins of the seven major economic and social goals on the USA?
Passages from the Constitution
Beliefs and statements of consumers, entrepreneurs, govt
Its an official list prepared by the government
result of elections
10
Which of the following is an example of economic growth?
The price of vegetables increase sharply in the sping
An employer is fined for not offering insurance
A new car factory opens, 1500 jobs created
A man decides to quit working as a waiter, becomes a janitor
11
When something changes ownership from private to government
Totalitarianism
Privatization
Profit motive
Nationalization
12
What is the governments role in a mixed economy?
Definer of goals
Coordinator of activities
Regulator charged with preserving competition
Central Planner
13
What type of Economy existed in the Soviet Union and Eastern bloc nations?
Traditional
Command
Market
Free Enterprise
14
Adam Smith referred to competition as.....
Surplus Value
The Light Hand
Market economy
The Invisible hand

Economics Unit 2 Flashcards | StudBud