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Chapter 2: Economic Systems Flashcards | StudBud
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Chapter 2: Economic Systems
Chapter 2: Economic Systems
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Chapter 2: Economic Systems #economics
Flashcards
20 cards
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Questions
20
Answers
1
In a factor market
Business sell productive resources
individuals are customers and businesses are producers
businesses are customers and individuals are producers
Individuals buy goods and services
2
Absolute loyalty to the people in power is required by what system?
Socialist
Market
Traditionalist
Authoritarian
3
Suppliers ina product market are
Businesses
Governments
Individuals
Households
4
Global financial transactions have been made quick, inexpensive, and easy by
Radio Linkages
Computer Linkages
Telegraph Linkages
Shipping Linkages
5
With capitalism, the allocation of goods and resources is determined by
Market Forces
traditional customs
centralized planning
government policy
6
In a communist economy, resources are owned by
Government
individuals or businesses
individuals or the government
Businesses
7
In a communist economy,workers are
always employed by private firms
sometimes employed by the government
sometimes employed by private firms
always employed by the government or government owned firms
8
A circular flow model shows
all interactions occurin a market economy
all interactions occur in a traditional economy
some interactions occur in a market economy
some interactions occur in a traditional economy
9
When a nation’s economy nationalizes it changes from
public ownership to private ownership
government ownership to public ownership
private ownership to public ownership
government ownership to private ownership
10
In economic terms, property means
some things an individual owns EXCEPT labor he/she provides
everything an individual owns and the labor he/she provides
some things an individual owns and the labor he/she provides
everything an individual owns EXCEPT labor he/she provides
11
When a nation’s economy privatizes it changes from
private ownership to public ownership
private ownership to government ownership
public ownership to government ownership
government ownership to private ownership
12
In a market economy,the real power in the market place is held by the
seller
government
consumer
producer
13
How a society uses scarce resources to satisfy people’s unlimited wants is called an economic
Utility
System
Grid
Incentive
14
Between 1867 and 1894, Karl Marx published a 3-volume study called
The Communist Manifesto
Wealth Of Nations
Laissez- Faire
Capital
15
The nation where government plays the most limited role in the economy is
United States
Sweden
France
North Korea
16
With capitalism, income distribution is determined by market forces
that reward productivity
that reward underutilization
determined by central planners
determined by government policy
17
With voluntary exchange, a buyer and seller agree to do business together
only for the benefit of the seller
for the benefit of neither
for the mutual benefitof both
only for the benefit of the buyer
18
With capitalism, investment is driven by
private parties seeking profits
government seeking profits
government controlled cooperatives
private parties following government policies
19
An advantage of a pure market economy is that it
prevents unequal distribution of wealth
has mechanisms for providing public goods
local communities set their own economic development
security to those who are'nt economically productive
20
The government owns some, but not all, factors of production in what system?
Command
Socialist
Pure Market
Authoritarian
