How does the free market meet its goals?

Efficieny, freedom, growth, additional goals

How do socialism and communism differ?

Socialism is not a single economic system,

studbud

Economic Systems

12 termsStudBud Administration1 play

J. Mangrella T. Alcala

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
Who is an example of a far-eastern free market powerhouse?
South Korea
China
North Korea
Asia
2
What are some disadvantages of central planning?
Efficiency, Freedom, Equity
Goals, Growth, Communism
Equity, Freedom, Socialism
Socialism, Growth, Goals
3
Where do firms purchase factors of production from?
Firms
Economies
Individuals
Households
4
Who answers the three basic economic questions?
Economies
Consumers
Individuals
Businesses
5
Who stressed the conflict between labor and capital?
Karl Max
Karl Marx
Adam Scott
Adam Marx
6
Where do governments transfer some of the money that is collected from househols and businesses?
Just individuals
Individuals and other governments
Businesses and markets
Businesses and individuals
7
How does the free market meet its goals?
Growth, additional goals, freedom, command economy
Command economy, efficiency, growth, freedom
Efficieny, freedom, growth, additional goals
Efficiency, socialism, growth
8
Where did communism derive largely from?
Households
The writings of Karl Marx
Firms
The writings of Adam Smith
9
How do socialism and communism differ?
Socialism is not a single economic system,
Socialism derived from Karl Marx
Communism coexists with free market practices, such as Sweden
Socialism-the central government makies all economic decisions
10
How do governments today play a role in the economy?
By harming intellectual property
By protecting liberty
By protecting property rights
By protecting human rights
11
What is an arrangement that allows buyers and sellers to exchange things?
Market
Factor Market
Free Market
Product Market
12
What is the similarity of socialism and communism?
Even distribution of wealth
Ownership os some private property
Part of democratic system
Requires revoltionary change

Economic Systems Flashcards | StudBud