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Duplicate of Chapter 2 : Economic Systems Flashcards | StudBud
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Duplicate of Chapter 2 : Economic Systems
Duplicate of Chapter 2 : Economic Systems
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StudBud Administration
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
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Questions
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Answers
1
In Socialism, the government owns
all industries
all resources
all private property
some or all factors of production
2
The American economy is actually
traditional
pure market
command
mixed
3
What is the government system in which the government owns factors of production?
Socialism
Realism
Capitalism
Oligarchy
4
What is the french term meaning "leave things alone"?
omelette du fromage
sacre bleu
au revoir
laissez faire
5
What is the extreme form of socialism?
Leninism
Communism
Socialism X
Marxism
6
What is the concept that consumers have to power to purchase what they want, giving them power?
Consumer Jurisdiction
Consumer Sovereignty
Consumer Autonomy
Consumer Determination
7
Specialization increases productivity because
workers are not so tired or bored.
it increases the number of workers needed.
workers gain expertise in their assigned tasks.
it reduces the number of workers needed.
8
What is the term for a system that requires absolute obedience to authority?
Command
Forcism
Monarch
Authoritarian
9
Which economic system does the United States have?
Traditional
Market
Command
Mixed-Market
10
What is the effort between two or more people to try to get the business of others?
Competition
Struggle
Conflict
Fight
11
What is the rights of individuals and groups to own property?
Property Ownership Rights
Private Property Rights
Public Property Rights
Public Land Rights
12
The way a society answers the 3 basic economic questions
pure market economy
command economy
economic system
mixed system
13
From who's ideas was communism developed?
Matt Jackson
Kim Jong Il
Mao Zedong
Karl Marx
14
Which economic system is based on individual choice?
Market
Fiat
Command
Traditional
15
In which economic system does the government decide what goods and services will be produced?
Fiat
Traditional
Command
Market
16
What is the best example of a command economy in the modern world?
China
South Korea
North Korea
Malaysia
17
What is the term for a system in which society's leaders make all economic decisions?
Government Owned Economy
Socialist Run Economy
Centrally Planned Economy
Communistic Planned Economy
18
What economic system is based on private ownership of the factors of production?
Communism
Marxism
Capitalism
Socialism
19
Which economic system is based on customs or beliefs passed down generation to generation?
Market
Fiat
Command
Traditional
20
In the circular flow model, which of the following is INCORRECT
individuals sell factors of production to the factor market
the factor market buys productive resources from businesses
money flows from the product market> business>factor market
households buy goods and services from the product market
