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Ch2-Economic Systems Flashcards | StudBud
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Ch2-Economic Systems
Ch2-Economic Systems
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1
System where government makes all economic decisions.
Market Economy
Mixed Economy
Centrally-planned economy
Traditional Economy
2
NOT an advantage of the Free Market
economic freedom
economic growth
economic efficiency
economic equity
3
The Invisible Hand.
Self-Interest & Incentives
Competition & Proftis
Self-Interest & Competition
Incentives and Profits
4
Privatization allows for this.
Increased government ownership of the F.O.P.
Movement toward a traditional economy
Central-planned economies to move toward a free market.
Transition from traditional to central-planned economy.
5
What would you add to this model to illustrate a mixed economy?
Government
Factor Market
Monetary Flow
Product Market
6
If you are operating in the "factor market" you are ....
all of the above
supplying your labor
supplying households with goods
paying firms for goods
7
A system that combines the free market with central planning.
market economy
privatized economy
socialist economy
mixed economy
8
Economic growth and innovation will lead to this.
loss of jobs
increased standard of living
economic freedom
none of the above
9
An expectation that encourages people to behave a certain way.
Self-interest
Incentive
Competition
Regulaiton
10
Heavy industry is associated with ________.
a mixed economy
a market economy
a traditional economy
a central-planned economy
