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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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Economics test review
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
Economic system guided largely by consumer influence
pay for market
Stock market
free enterprise
2
Competition and self-interest are two important forces in
command economies
free market economies
socialist economies
traditional economies
3
What is the
product
market?
market in which firms purchase the resources households
the market in which income is received for selling resources
households purchase goods and services from firms
4
the doctrine that government generally should not intervene in the marketplace
capital estate
laissez faire
communism
united we stand
5
economic system guide by customs and rituals
Virtual
Customary
Traditional
6
What best describes the role of government in a free enterprise system?
control business activities
allow people to run their businesses to maximize profits
decide the companies to be formed and who will manage them
7
one's own personal gain
materialism
self-interest
motivation
8
Which of the following is
NOT
a characteristic of a command economy?
each collective or factory sets its own production goals
the central government owns all land and capital
the central government makes all economic decisions
9
Economic system guided by tight government control
stock market
free enterprise
command (centrally planned)
10
Examples of free enterprise economies
USA, Great Britain, Japan
Malaysia, Myanmar
Nicaragua, Cuba
11
an expectation that encourages people to act in a certain way
opportunity
hope
bribe
incentive
12
What is the function of an economic system?
to produce and distribute goods and services
to give all producers the same access to consumers
to make sure people are paid for their labor
make sure all people have access to goods
13
an arrangement that allows buyers and sellers to exchange things
HEB
market
flea market
14
What is the struggle among various producers for the consumer's business called?
self-regulation
competition
incentive
socialism
15
Which of the following is
NOT
a key economic question?
what goods and services should be produced?
How to make sure that goods and services are paid for
Who consumes these goods and services
16
Which of the following is largely responsible for the growth of a free enterprise system?
consumerism
government
Gross Domestic Product
profit motive
17
Why are products made under a command economy more likely to be low quality?
the workers are are forced to use old fashioned methods
the workers manage production facilities on their own
there are no quality control guidelines
the workers have little incentive to make them well
18
a person or group of people living in the same residence
market
firm
household
19
To improve its
standard of living
, a nation's economy must
grow through innovation
allow the government to make all of the decisions
reach economic equity
remain stable
20
a situation where households purchase goods and services from firms
factor market
product market
fire sale
Super Wal-Mart
21
An example of a command economy is
North Korea
Singapore
Indonesia
22
Examples of traditional economies
Sioux, Commanche
Aborigines, Amish, Amazon forest Tribes
Oneida, Cheyenne
23
The method used by a society to produce and distribute goods and services
production
economic system
the way
sequencing
24
The economic system of United States is considered a
free market capitalist economy
command economy
socialist economy
traditional economy
25
term describing the self-regulating nature of the marketplace
lazy fair
incentive
"invisible hand"
26
Who owns the factors of production in a free market?
government
the market
firms
households
27
What is
not
a benefit of a free market economy
?
creation of wealth
economic freedom
a variety of goods
growing gap between rich and poor
28
What
"invisible hand
" regulates the free market economy?
specialization
incentives and efficiency
competition between firms
self-interest and competition
29
Which country has the most extreme example of a command economy?
North Korea
China
Great Britain
Hong Kong
