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Ch. 2 ECONOMIC SYSTEMS Flashcards | StudBud
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Ch. 2 ECONOMIC SYSTEMS
FRANCE
LIFE IS STABLE, PREDICTABLE, AND CONTINUOUS.
Ch. 2 ECONOMIC SYSTEMS
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ECONOMIC SYSTEMS
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Questions
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Answers
1
LIFE IS STABLE, PREDICTABLE, AND CONTINUOUS.
NONE OF THESE
ADVANTAGE OF COMMAND ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF MARKET ECONOMY
2
FRANCE
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
EXAMPLE OF COMMAND ECONOMIC SYSTEM
CENTRAL ECONOMY
EXAMPLE OF MARKET ECONOMY
3
LITTLE UNCERTAINTY OVER WHAT TO PRODUCE. HUNTING FAMILIES HUNT, ETC. THEY ARE BORN INTO IT.
ADVANTAGE OF COMMAND ECONOMY
NONE OF THESE
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
4
CAN ADJUST TO CHANGE OVER TIME (EX. EVER CHANGING AUTO INDUSTRY)
NONE OF THESE
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF COMMAND ECONOMY
5
HOW TO PRODUCE IS EASILY DETERMINED BECAUSE IT IS DONE THE SAME WAY AS ANCESTORS.
NONE OF THESE
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF COMMAND ECONOMY
6
FOR WHOM TO PRODUCE IS DETERMINED BY CUSTOMS AND TRADITIONS.
ADVANTAGE OF COMMAND ECONOMY
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
NONE OF THESE
7
DOES NOT PROVIDE ENOUGH OF HIGHLY VALUED SERVICES. GOVERNMENT PROVIDES DEFENSE/HEALTH CARE.
DISADVANTAGE OF MARKET ECONOMY
DISADVANTAGE OF TRADITIONAL ECONOMY
DISADVANTAGE OF COMMAND ECONOMY
ALL OF THESE
8
SOMETIMES DOES NOT PROVIDE FOR THE BASIC NEEDS OF EVERYONE IN SOCIETY. (ELDERLY, SICK, POOR)
DISADVANTAGE OF TRADITIONAL ECONOMY
DISADVANTAGE OF MARKET ECONOMY
ALL OF THESE
DISADVANTAGE OF COMMAND ECONOMY
9
ECONOMIC SYSTEM WHERE PEOPLE CARRY ON ECONOMIC AFFAIRS FREELY BUT WITH SOME GOV REGULATION
MIXED ECONOMY
MARKET ECONOMY
COMMAND ECONOMY
TRADITIONAL ECONOMY
10
DECENTRALIZED DECISION MAKING HELP TO DIRECT SCARCE RESOURCES INTO USES THAT CONSUMERS FAVOR
NONE OF THESE
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF COMMAND ECONOMY
11
INCREDIBLE VARIETY OF GOODS AND SERVICES AVAILABLE TO CONSUMERS.
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF COMMAND ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
NONE OF THESE
12
DISCOURAGES NEW IDEAS AND NEW WAYS OF DOING THINGS.
DISADVANTAGE OF MARKET ECONOMY
ALL OF THESE
DISADVANTAGE OF TRADITIONAL ECONOMY
DISADVANTAGE OF COMMAND ECONOMY
13
Elders and ancestors in a traditional economic system......
Determine what jobs their children/grand children wil have.
Teach younger generations necessary skills.
all of the other choices are correct
Define individual roles
14
INUITS OF NORTH AMERICA
EXAMPLE OF MARKET ECONOMY
CENTRAL ECONOMY
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
EXAMPLE OF COMMAND ECONOMIC SYSTEM
15
AN ORGANIZED WAY OF PROVIDING FOR THE WANTS AND NEEDS OF A SOCIETY.
COMMUNISM
ECONOMY
TRADITIONALISM
MARKET
16
JAPAN
EXAMPLE OF COMMAND ECONOMIC SYSTEM
CENTRAL ECONOMY
EXAMPLE OF MARKET ECONOMY
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
17
Which is not a basic economic question which all economic systems must answer?
For whom to produce?
Where to produce?
What to produce?
How to produce?
18
AUSTRALIAN ABORIGONES
EXAMPLE OF COMMAND ECONOMIC SYSTEM
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
CENTRAL ECONOMY
EXAMPLE OF MARKET ECONOMY
19
CUBA
EXAMPLE OF MARKET ECONOMY
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
EXAMPLE OF COMMAND ECONOMIC SYSTEM
CENTRAL ECONOMY
20
Economic system that stems from ritual, habit, or custom.
Command Economy
Traditional Economy
Market Economy
Autonomous Economy
21
Which is not one of the three types of economic systems?
Governmental Economic System
Traditional Economic System
Command Economy
Market Economy
22
LACK OF PROGRESS LEADS TO LOWER STANDARD OF LIVING.
ALL OF THESE
DISADVANTAGE OF MARKET ECONOMY
DISADVANTAGE OF COMMAND ECONOMY
DISADVANTAGE OF TRADITIONAL ECONOMY
23
SMALL DEGREE OF GOVERNMENT INTERFERENCE
NONE OF THESE
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF COMMAND ECONOMY
24
HIGH DEGREE OF INDIVIDUAL FREEDOM.
NONE OF THESE
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF COMMAND ECONOMY
25
HIGH DEGREE OF CONSUMER SATISFACTION.
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF COMMAND ECONOMY
NONE OF THESE
26
NO INCENTIVE TO WORK HARD (PEOPLE WORK JUST HARD ENOUGH TO FILL QUOTAS,NOT SELF BETTERMENT)
DISADVANTAGE OF COMMAND ECONOMY
DISADVANTAGE OF MARKET ECONOMY
DISADVANTAGE OF TRADITIONAL ECONOMY
ALL OF THESE
27
NORTH KOREA
CENTRAL ECONOMY
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
EXAMPLE OF COMMAND ECONOMIC SYSTEM
EXAMPLE OF MARKET ECONOMY
28
ECONOMIC SYSTEM WHERE PEOPLE AND FIRMS ACT IN THEIR OWN BEST INTEREST TO ANSWER THE THREE ?'s.
TRADITIONAL ECONOMY
GOVERNMENTAL ECONOMY
COMMAND ECONOMY
MARKET ECONOMY
29
MARKETS MUST BE COMPETITIVE. RESOURCES ARE FREE TO MOVE. CONSUMERS ARE INFORMED.
THREE ECONOMIC QUESTIONS EACH ECONOMIC SYSTEM MUST ANSWER
THREE BASIC CONDITIONS OF A MARKET ECONOMY
THREE ADVANTAGES OF A FREE ENTERPRISE SYSTEM
THREE CHARACTERISTICS OF TRADITIONAL ECONOMY
30
LITTLE ECONOMIC UNCERTAINTY. ALL DECISIONS ARE MADE FOR THE PEOPLE BY THE GOVERNMENT..
NONE OF THESE
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
ADVANTAGE OF COMMAND ECONOMY
31
MBUTI
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
EXAMPLE OF MARKET ECONOMY
EXAMPLE OF COMMAND ECONOMIC SYSTEM
CENTRAL ECONOMY
32
LARGE DECISION MAKING BUREAUCRACY. MANY LEVELS OF DECISION MAKING MAKES IT SLOW AND EXPENSIVE.
DISADVANTAGE OF COMMAND ECONOMY
DISADVANTAGE OF MARKET ECONOMY
DISADVANTAGE OF TRADITIONAL ECONOMY
ALL OF THESE
33
FAIL IF THE BASIC CONDITIONS ARE NOT MET.
ALL OF THESE
DISADVANTAGE OF COMMAND ECONOMY
DISADVANTAGE OF TRADITIONAL ECONOMY
DISADVANTAGE OF MARKET ECONOMY
34
NOT DESIGNED TO MEET THE WANTS OF CONSUMERS (PEOPLE TOLD TO SACRIFICE FOR THE GOVERNMENT)
ALL OF THESE
DISADVANTAGE OF TRADITIONAL ECONOMY
DISADVANTAGE OF MARKET ECONOMY
DISADVANTAGE OF COMMAND ECONOMY
35
NO FLEXIBILITY TO DEAL WITH MINOR PROBLEMS. LARGE BUREAUCRACY DISCOURAGES SMALL ADJUSTMENTS
DISADVANTAGE OF COMMAND ECONOMY
DISADVANTAGE OF MARKET ECONOMY
ALL OF THESE
DISADVANTAGE OF TRADITIONAL ECONOMY
36
ECONOMIC SYSTEM WHERE CENTRAL AUTHORITY MAKES THE ECONOMIC DECISIONS.
GOVERNMENTAL ECONOMY
TRADITIONAL ECONOMY
MARKET ECONOMY
COMMAND ECONOMY
37
FOR WHOM TO PRODUCE IS DETERMINED BY CUSTOMS AND TRADITIONS.
NONE OF THESE
ADVANTAGE OF COMMAND ECONOMY
ADVANTAGE OF MARKET ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
38
ECONOMY CAN CHANGE DIRECTIONS IN A SHORT TIME.
ADVANTAGE OF COMMAND ECONOMY
ADVANTAGE OF TRADITIONAL ECONOMY
NONE OF THESE
ADVANTAGE OF MARKET ECONOMY
39
UNITED STATES
EXAMPLE OF TRADITIONAL ECONOMIC SYSTEM
EXAMPLE OF COMMAND ECONOMIC SYSTEM
EXAMPLE OF MARKET ECONOMY
CENTRAL ECONOMY
40
HIGH DEGREE OF UNCERTAINTY THAT WORKERS AND BUSINESSES FACE AS THE RESULT OF CHANGE.
DISADVANTAGE OF MARKET ECONOMY
DISADVANTAGE OF TRADITIONAL ECONOMY
ALL OF THESE
DISADVANTAGE OF COMMAND ECONOMY
