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Chapter 2: Economic Systems application Flashcards | StudBud
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Chapter 2: Economic Systems application
Chapter 2: Economic Systems application
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Economic Systems
Flashcards
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Answers
1
Three basic types of economic systems are:
free market, natural resources, labor
individual rights, state rights, mixed rights
what to produce, how to produce, who will receive the goods and services
free enterprise, command economy, mixed economy
2
Utopia's government owns all of the industries, but people are still able to have private property.
It is a free market economy.
It is a laissez-faire economy.
It is a socialist economy.
It is a command economy.
3
What is the main goal of a mixed economy?
to ensure fairness in business
to promote individual and social rights
to get rid of high taxation
to gain private property
4
Which is a socialist aspect of the American mixed economy?
education through high school is free
consumers can decide to buy wind energy from power company
private health insurance marketplace
American-made goods can be sold in all 50 states
5
What are the four factors of production?
producers, consumers, distributors, entrepreneurs
labor, resources, capital, entrepreneurship
laissez-faire, bourgeoise, proletariat, invisible hand
free enterprise, command economy, socialist economy, mixed economy
6
Adam Smith wrote
Wealth of Nations
, which explained the concept of __________ economics.
mixed
laissez-faire
socialist
communist
7
Which of these is a characteristic of a command economy?
unions ensure fair treatment of workers
the proletariat produces goods that improve the economy
consumers can buy whatever goods they want
natural resource extraction is controlled by the states
8
How do the goals of socialism and capitalism differ?
socialism stresses choice
capitalism stresses private ownership of businesses
capitalism stresses government regulation
socialism stresses individual rights
9
How was Marx's view of communism different than what exists today?
in the vision, property would collectively belong to the people
Currently, people share power with the government
currently, people live in a classless, agricultural society
in the vision, no economic system would be needed
10
Neverland has a centrally planned economy where everyone collectively owns the property and resources.
It is a command economy.
It is a mixed economy.
It is a socialist economy.
It is a free market economy.
11
Albion has no government regulation of industries and uncontrolled access to resources.
It is a free enterprise economy.
It is a command economy.
It is a socialist economy.
It is a mixed economy.
12
Which term indicates ownership by an individual or business?
collective property
private property
collective control
state-controlled
13
In a true free market economy, what would occur?
successful producers would be given tax breaks
safety regulation would offer consumer protections
access to natural resources would be uncontrolled
workers would obtain fair wages by law
14
Which is one predicted result of a
laissez-faire
system?
unlimited supply of consumer products
better workplace conditions for workers
producers compete for resources
more government involvement in business
