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Basic Concepts Economics 2025 Flashcards | StudBud
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Basic Concepts Economics 2025
Basic Concepts Economics 2025
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1
an economic system based on supply and demand with little or no government control
Open Market
Mixed market
Free Market
Command Market
2
many variations, depending on the level of planning vs market economy, the organization, & the role of the state
Capitalism
Communism
Socialism
Feudalism
3
Why is capitalism often associated with democracy?
both are American creations
practicing one means the other is also in place
both developed around the same time but separately
capitalism led to the creation of democracy
4
To reach team agreement on a decision is called
Agreement
Consensus
Evaluation
Brainstorming
5
Economics is a social science that focuses on the production, distribution, and consumption of goods and ___
resources
governments
items
services
6
What are the market behaviors for supply and demand?
Neither supply or demand can increase or decrease
Supply and demand can both increase and decrease
Only supply can increase and decreas
Only demand can increase and decreas
7
What is ONE main economic principle of a Communist country
Reducing wealth disparities.
Free market
Collective state ownership.
Having the ability to make good use of the land.
8
Which of these is a disadvantage in socialist economie
set prices that don’t prioritize profit
policies to reduce wealth disparities
controlled use of land, labor, and production
nationalization of key industries
9
A business or association usually formed to manufacture or supply products is called
Company
Enterprise
Corporation
Proprietorship
10
Which of the following is NOT a disadvantage of Socialism?
Distorted and absent price signals
Removes Natural Rights
Lack of entrepreneurial opportunity
Public Insurance
11
Productivity and efficiency are difficult to achieve without profit motive for the workers
Disadvantage of Communism
Benefit of Socialism
Benefit of Communism
Disadvantage of Socialism
12
a system that combines aspects of both capitalism and socialism.
Free Market
Combined Market
Command Market
Mixed Market
13
a central governmental authority dictates the levels of production that are permissible and the prices that may
Free Market
Open Market
Command Market
Mixed Market
14
Which of the following is NOT one of the 3 pillars of Democratic Capitalism
Fiscal responsibility
Private ownership
Liberal moral-cultural system
Economic incentives
15
Why is it important to learn about the economics systems?
we need more marketing in the US
we need freedom in the future
the consumer, producer and the management
we need a system to manage our economy
16
What is NOT one of the main influences on the market?
the demand of a product
consumer opinion on what they buy
the consumers bank account
the needs of the consumer
17
Social equality and focus on reducing wealth disparities
Disadvantage of Socialism
Benefit of Socialism
Disadvantage of Communism
Benefit of Communism
18
What’s an example of companies in the food industry you could invest in?
Coca-Cola & Pepsi
Facebook & Twitter
McDonald's & Nike
Toyota & Honda
19
The idea that countries who are Democratic and have Capitalist economies never go to war with each other
Democratic Peace Theory
Capitalist Peace Theory
Allies
Democracy-Capitalism Alliance
20
When the price of a product goes down the _____ goes down
Supply
Price Signals
Demand
Market
21
In a planned socialist system production is geared towards
Supply and Demand
Satisfying economic demands and human needs
Private profit benefits
State level advancements
22
What is the point where supply and demand meet called?
Point of Marx
Equality Price
Equilibrium Price
Meridian Point
23
A policy of governmental non-interference in economic affairs
Open Market
Free Choice
Laissez-Faire
Capitalism
24
What country is the best example of Communism?
Soviet Union
India
Brazil
Nazi Germany
25
What kind of economy does a Communist country have?
Free Market
Command
Open
Mixed
