In Communism, there is no private property. What about Socialism?

Yes, there is private property.

What is economic independence?

The wage people can live on without outside support

Generally, when the price of something increases, what happens to the demand for that thing?

Demand decreases, due to the Law of Demand

What is opportunity cost?

The not chosen option of a trade-off

What are the factors of production?

Land, labor, entrepreneurship, and capital

What is a trading bloc? (Chapter 26 Vocab.)

Nations that trade with each other without barriers

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Economics Unit Review

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Unit 3 Economic Review before the Economic Systems Test.

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Questions 15

Answers

1
What is the USA's economy?
Mixed
Pure free market
Traditional
Command
2
In Communism, there is no private property. What about Socialism?
The government owns everything in Socialism
There is no private property, just like Communism
Yes, there is private property.
Yes there is private property, but only the rich own it.
3
What is economic independence?
The government being free from all debts
People making so much money, they don't have to work
The wage people can live on without outside support
When you move out from your parents' house and buy a house.
4
Generally, when the price of something increases, what happens to the demand for that thing?
Demand decreases, due to the Law of Demand
Demand decreased, because the product's quality is reduced
Demand increases, because government has unlimited money
Demand increased, people see its more expensive and want it
5
When supply of something increases, what happens to the price?
The price increases
The price decreases
6
What is opportunity cost?
The cost of not being active in economics
The benefit from making a choice
The not chosen option of a trade-off
Making a problem worse than it already is
7
Are political and economic freedom related? (You should know how they are related also)
No
Yes
8
What is the name of Adam Smith's famous book that describes the free market economy?
Capitalism and its Benefits
The Wealth of Nations
Prospering the World
The Free Market
9
What are the factors of production?
Land, people, water, and earth
Land, labor, entrepreneurship, and capital
Capital, force, ability, and labor
Intelligence, ability, land, and labor
10
The concept of people having unlimited wants, but society can't meet everyone's wants.
Entrepreneurship
Opportunity Cost
Selfishness
Scarcity
11
What is a trading bloc? (Chapter 26 Vocab.)
When trade is controlled by big businesses, known as blocs
Countries where trading is outlawed
Nations that trade with each other without barriers
Where trade is blocked between countries
12
Which is an example of a country with a pure Communist economic system?
None of the Above
Vietnam
North Korea
Soviet Russia
13
Devan went to trade school to learn how to weld. What economic principle did she display?
Laissez Faire
Socialism
Specialization
Supply and Demand
14
An economy based on tradition is called: _______________________
Mixed Economy
Command Economy
Free Market Economy
Traditional Economy
15
Who makes economic decisions in a command economy (Communism or Socialism)?
The government
Karl Marx
Consumers
Capitalism

Economics Unit Review Flashcards | StudBud