Resources/Eco Sys 2015

Choose the best answer for the type of economic system the U.S. has:

Which is a free good?

How does immigration most directly affect a society's labor resources?

How does emigration directly affect society's labor resources?

In which eco sys would a child perform the same job or occupation as his/her parents?

What is the fundamental economic problem caused by unlimited wants and limited resources?

"Underlying most arguments against the free market is a lack of belief in freedom itself."

Thought loss of eco freedom would inevitably lead to loss of political freedom (Keynes' rival)

Communist Manifesto

People who identify market need/desire and bring other resources together to meet that need:

Which social goal is society pursuing if it most values protection against economic risk?

The government owning some but not all resources is an example of which eco sys?

Of the 3 basic economic systems, which does the US most heavily favor?

Which resource to people with their efforts, abilities, and skills fall into?

What are the goods that have scarcity called?

Das Kapital

Combines left-wing economic planning & right-wing nationalism

Federal government prohibiting paying below a minimum wage is an example of which eco sys?

Which is not one of the questions each eco sys has to answer because of scarcity?

Goods so abundant that they aren't considered scarce:

In which eco sys would a child be able to choose whatever job he was able to find employment?

In the U.S., what type of basic economic system is represented by Native American reservations?

"In the long run we're all dead."

Which society goal if society most values individuals' ability to make their own decisions?

"The Chicago Boys" who transformed Chile were students of which economist?

Which economic system would be considered to be the most to the right? 

How does the birthrate most directly affect a society's labor resources?

Which is a mixed economic system combines capitalist wage and pricing with state ownership?

First developed the idea that markets are self regulating (the invisible hand):

The Law

The more of one thing we produce, the greater the opportunity cost of producing 1 more is:

What do all societies have to help them decide what to do with limited resources?

"From each according to his ability, to each according to his need."

Eco sys in which resources are controlled by private individuals/companies:

Fundamental assumption of market economics; buyers/sellers both benefit from transactions:

Eco sys in which economic decisions about who controls resources made by custom/ritual/habit:

Eco sys in which government controls the resources and answers 3 basic eco questions:

How does the death rate most directly affect a society's labor resources?

Which social goals is a society pursuing if it most values concern for natural resources?

What is it called when an economy is experiencing high levels of inflation and unemployment?

Ability to own private property & freely buy/sell goods/services are examples of which eco sys?

Which category do natural resources and gifts of nature fall into?

How does famine most directly affect a society's labor resources?

The general rise in prices due to money's loss of value (not increasing scarcity)?

Which is not one of the three basic economic systems?

Which resource do tools, equipment, machinery, factories, investible money fall into?

Economist that advocated working classes overthrow ownership class:

The supply of which resource is thought to be fixed?

Favored tolerating moderate to high inflation to fight unemployment:

Described how changing prices communication scarcity, creating spontaneous order:

Social goal society pursues if it values using the least costly/most productive method?

Proved that increasing the money supply faster than the economy is growing causes inflation:

In which eco sys would a child be able to choose any job that was not prohibited by the gov't?

Which is not an economic system in which government interference in the economy is welcomed?

"The state...great fiction by which everyone tries to live at the expense of everyone else."

The Road to Serfdom

In which eco sys would a child's job be determined by the government?

Eco sys in which the economy heavily regulated and controlled by an unaccountable gov't:

Which is not an example of an economic good?

Eco sys in which economy is heavily regulated by a gov't accountable to citizens via elections:

The General Theory

Out of the economic systems below, which would be considered to the most left?

"There's no such thing as a free lunch."

What is it called when workers sell their labor to their employer for an income?

Which social goal if society most values increasing the long-term quantity of wealth?

How does a nation's health care system most directly affect a society's labor resources?

How does disease most directly affect a society's labor resources?

Which social goal is a society pursuing if it most values "fairness" in the marketplace?

Developed the concept of opportunity cost;

The Wealth of Nations

"The production of too many useful things results in too many useless people."