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Ch. 2 Economic Systems and the U.S. Economy Flashcards | StudBud
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Ch. 2 Economic Systems and the U.S. Economy
Ch. 2 Economic Systems and the U.S. Economy
20 terms
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StudBud Administration
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Econ quiz
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1
What is profit?
Money
Amount earned after a business subtracts its costs from rev.
Things that you own.
2
What are some advantages of pure market system?
Too young,too old, or too sick
You get free money from the government.
Spend income how they wish, choose career, to take risk
3
What is capitalism?
People own everything.
Economic system in which private individuals own the FoP.
The government rules everything.
4
What do children in traditional economies grow up to do?
They don't work
The same jobs as the parents
The find new jobs
5
What is the freedom of choice?
When the buyers make the decision about what should be made.
When the government chooses for you.
Children make all the decisions.
6
Define market.
Hope of reward or fear of penalty that encourages a person
The struggle of making a company
Government owns and controls everything
Any arrangement that allows buyers and sellers to trade
7
How many countries in today's world have a command economy?
Few
6
None
All
8
What is economic equity?
Way in which a nation uses its resources to satisfy people
Money left after all the costs of production have been paid
Expansion of the economy to produce more goods
Balance an economic policy so that everyone benefits fairly
9
What is economic efficiency?
Expansion of the economy to produce more goods, jobs, wealth
Freely chosen activity between buyers and sellers
Desire to make money that motivates people to produce
Use of available resources so that costs out way benefits
10
Who is the leader of Bolshevik Revolution
V.I. Lenin
John Smith
Lieutenant James
11
What is an advantage of free market?
Do what you want
No government
It encourages growth
12
What does self interest mean?
Your only interested in what's best for you
An individuals own personal gain
Only weathy people have self interest.
13
Who is the father of socialism and communis?
Chris Smith
Karl Marx
John the IV
14
What are the 4 basic types of economic systems?
traditional,command, mixed, regular
Traditional, command, market,mixed
Command, regular, mixed, pure
15
What is an Economic System?
The amount of money a business receives
The process of bringing new methods, products, and ideas
Level of economic prosperity
Methods and principles that a society uses to produce goods
16
What is laissez-faire?
The government minimizes its interference with the economy
Balance an economic policy so that everyone benefits fairly
Individuals own the factors of production
Whatever is owned by individuals rather than by government
17
What is an Entrepreneur?
Central ownership (usually by government) of property
generally allowed to operate without undue interference
earnings after all expenses have been paid
A person who takes a risk to produce and sell goods
18
What is the 3 key economic questions?
Where is it from?Who is in charge?How is it produced?
What is produced?How is it produced? Whom is it consumed by?
Why is it consumed?Who produced it?How was it produced?
19
What does privatize mean?
To decide your own rules
Own your own family business
to sell state-run firms to idividuals
20
What does the government safety net not provide for?
low income
Financial Aid
Needs and Wants
