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Ch. 2 Types of Economies Flashcards | StudBud
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Ch. 2 Types of Economies
Ch. 2 Types of Economies
10 terms
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StudBud Administration
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61 plays
Reviewing the types of economies and the three essential questions.
Flashcards
10 cards
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Questions
10
Answers
1
Which of the following is a disadvantage of a Market Economy?
The people have to decide what goods are made
Having specialization in products
Not everyone's needs are provided for
High degree of individual freedom
2
Who makes decisions in the public sector of a Mixed Economy?
Businesses
Individuals
Government
Individuals and Businesses
3
Which of the following economic goals tries to prevent inflation from occurring?
Economic Equity
Price Stability
Economic Growth
Economic Security
4
The idea of restricting the role of the government in economy is known as:
allons-y
Bon appétit
Laissez-faire
Sacré bleu
5
Which is not a role of the government in a mixed economy?
Provider of goods and services
Organize factors of production to make profits
Protecting property ownership
Regulating competition in markets
6
This Circular Flow Model illustrates which of the economic systems?
Market Economy
Traditional Economy
Mixed Economy
Command Economy
7
Which of the following is
not
one of the three basic economic questions?
For whom to produce?
Why to produce?
What to produce?
How to produce?
8
When competition in business is allowed to flourish w/o government interference, we call it:
Consumer Sovereignty
Free Enterprise
Capitalism
Voluntary Exchange
9
A belief that democratic means should be used to evenly distribute wealth throughout society.
Authoritarian
Fascism
Communism
Socialism
10
The well-being of the community is best emphasized in which economic system?
Traditional Economy
Mixed Economy
Centrally Planned Economy
Market Economy
