stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Economic Systems Flashcards | StudBud
Explore
/
Duplicate of Economic Systems
Duplicate of Economic Systems
18 terms
·
StudBud Administration
·
23 plays
Introduction to the basics of economics and systems
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
In a command economy, the government regulates how goods and services are distributed.
False
True
2
Which of the following philosophers recommended the free market
Friedrich Engels
Vladimir Lenin
Adam Smith
Karl Marx
3
Solar power and wind power are examples of what kind of resources?
labor
nonrenewable
renewable
capital
4
Which are the government’s three goals for promoting economic strength?
steady growth, high prices, and innovation
low unemployment, low prices, and low taxes
high employment, increased spending, and low taxes
high employment, steady growth, and stability
5
Health insurance for the elderly, the poor, and the disabled is provided by
Medicare and Medicaid.
TANF
Worker’s Compensation.
the unemployment insurance program.
6
Traditional economies are usually
adapt to innovation
avoid change
7
In a free enterprise system, who decides what will be produced?
firms
consumer
government
producers
8
The ________ system is another name for a market economy.
Command
Free Enterprise
Socialist
Centrally Planned
9
When did the nation’s welfare system begin?
during World War I
during the War on Poverty
during the Great Depression
during the Civil War
10
What is one of the most important principles of economics?
globalization
scarcity
distribution
money
11
the level of economic prosperity
traditional economy
specialization
poverty threshold
standard of living
12
To improve its standard of living, a nation’s economy must
remain stable
grow throw innovation
reach economic equity
allow the government to make decisions
13
What do people supply in return for factor payments?
innovation, profit, or goods
innovation, labor, or trade
services, goods, or traditions
land, labor, or capital
14
What does the process of specialization do for an economy?
It makes production more efficient.
It makes labor easier to control.
It fosters competition.
It eliminates unemployment.
15
Competition is a driving force in a free enterprise economy.
True
False
16
Which of the following describes the physical flow from households to firms?
consumer expenditures
factors of production
goods and services
wages, rent, dividends
17
How will consumers react to the incentive of a higher price on a good or service?
remain stable
negative, buy more products
negative, buy less products
positive, buy more products
18
a system to protect people experiencing unfavorable economic conditions
soul glo
factor payments
market exchange
safety nets
