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Economic Systems
Economic Systems
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Economics test review #economicsystems
Flashcards
29 cards
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Questions
29
Answers
1
economic system guided by customs and rituals
Traditional
Virtual
Customary
2
Who owns the factors of production in a free market?
firms
households
government
the market
3
term describing the self-regulating nature of the marketplace
lazy fair
incentive
"invisible hand"
4
Competition and self-interest are two important forces in
command economies
socialist economies
traditional economies
free market economies
5
What is
not
a benefit of a free market economy
?
economic freedom
growing gap between rich and poor
creation of wealth
a variety of goods
6
What best describes the role of government in a free enterprise system?
allow people to run their businesses to maximize profits
control business activities
decide the companies to be formed and who will manage them
7
Which country has the most extreme example of a command economy?
North Korea
China
Hong Kong
Great Britain
8
The method used by a society to produce and distribute goods and services
production
economic system
the way
sequencing
9
To improve its
standard of living
, a nation's economy must
grow through innovation
allow the government to make all of the decisions
remain stable
reach economic equity
10
Which of the following is largely responsible for the growth of a free enterprise system?
consumerism
Gross Domestic Product
government
profit motive
11
Examples of traditional economies
Aborigines, Amish, Amazon forest Tribes
Oneida, Cheyenne
Sioux, Commanche
12
Why are products made under a command economy more likely to be low quality?
there are no quality control guidelines
the workers manage production facilities on their own
the workers are are forced to use old fashioned methods
the workers have little incentive to make them well
13
Which of the following is
NOT
a key economic question?
Who consumes these goods and services
How to make sure that goods and services are paid for
what goods and services should be produced?
14
an expectation that encourages people to act in a certain way
hope
opportunity
bribe
incentive
15
What is the struggle among various producers for the consumer's business called?
incentive
self-regulation
competition
socialism
16
An example of a command economy is
Singapore
Indonesia
North Korea
17
an arrangement that allows buyers and sellers to exchange things
HEB
flea market
market
18
a person or group of people living in the same residence
firm
market
household
19
What is the function of an economic system?
to make sure people are paid for their labor
to give all producers the same access to consumers
make sure all people have access to goods
to produce and distribute goods and services
20
Examples of free enterprise economies
Nicaragua, Cuba
USA, Great Britain, Japan
Malaysia, Myanmar
21
a situation where households purchase goods and services from firms
Super Wal-Mart
factor market
product market
fire sale
22
Economic system guided by tight government control
stock market
command (centrally planned)
free enterprise
23
the doctrine that government generally should not intervene in the marketplace
united we stand
communism
laissez faire
capital estate
24
What is the
product
market?
households purchase goods and services from firms
the market in which income is received for selling resources
market in which firms purchase the resources households
25
Which of the following is
NOT
a characteristic of a command economy?
the central government owns all land and capital
each collective or factory sets its own production goals
the central government makes all economic decisions
26
Economic system guided largely by consumer influence
free enterprise
pay for market
Stock market
27
The economic system of United States is considered a
free market capitalist economy
socialist economy
traditional economy
command economy
28
What
"invisible hand
" regulates the free market economy?
competition between firms
self-interest and competition
incentives and efficiency
specialization
29
one's own personal gain
materialism
motivation
self-interest
