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lesson economic systems Flashcards | StudBud

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lesson economic systems

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Questions 11

Answers

1
In a mixed economy, who owns the factors of production?
Private companies
The government
Private sector as well as government
The general public
2
The point of equilibrium is when
Supply> Demand
Demand>Supply
Supply=Demand
3
Market definition
a regular gathering of people for purchase and sale of commodities
Place were you can buy different commodities
When buyers and sellers meet
the set of actual and potential buyers of a product
4
Supply and Demand
Move In opposite directions, supply goes up demand goes down
Move In the same direction, supply goes up demand goes up
None of these
Do not affect each other
5
In capitalism, who owns the factors of production?
The government
Everyone
Individuals
Greg
6
Point of equilibrium
Percentage relationship between a change in price and amount
None of the answers a right
The quantity supplied in equal to the quantity demanded
Law of demand
7
A drawback of capitalism is ...
State owned means more government power, limiting individual freedoms
Creates competition among companies -> more innovation and creativity
Everyone is equal - you give and take what you need
Wealth gap causing inequality and social division
8
Who owns factors of production in a state run economy?
The government
Private citizens
Religious institutions
All the choices are correct!
9
One drawback of Capitalism is...
Poverty
Freedom to operate a business
There are none
The government controls everything
10
Mixed economy example
Thailand
USA
Hungary
Canada
11
capitalism country example
USA
Chile
china
ussr