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C2-C3.1 Economic Systems Flashcards | StudBud
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C2-C3.1 Economic Systems
C2-C3.1 Economic Systems
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C2 - Economics - Pearson
Flashcards
20 cards
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Questions
20
Answers
1
Which of the follow is NOT a characteristic of a command economy?
lack of incentives stunts innovation
government run factors of production
associated with socialism and communism
open opportunity
2
In a mixed economy, government intervention at its best occurs because
the public good of its citizens is best served.
people cannot be trusted.
government officials know what's best.
all the citizens want government in control.
3
What economic system answers the 3 economic questions based on custom, ritual or habit?
traditional
mixed
command
market
4
What market is represented by arrows 'c' & 'd'?
stock market
factor market
product market
flea market
5
To what economy would laissez faire be associated?
traditional
free enterprise
command
centrally planned
6
Mrs. Obama hires a cook for the White House. In what market would this take place?
product market
culinary market
factor market
stock market
7
How do self-interest and competition work in the free market?
like an invisible hand providing what is needed
as an efficient safety net
they don't; they are counterproductive
like a gopher digging holes for people to fall in
8
Financial capital paid to acquire land, labor or capital is called?
invoicing
factor payments
revenue
accounts receivable
9
Which of the follow countries have a mixed economy with a focus on the free market?
Canada
Great Britain
USA
all of the listed countries
10
A brain surgeon, tax attorney, herpetologist and a mathematics teacher are examples of what?
public interest
specialization
laissez faire
mixed economy
11
What economic goal is best pursued in an effort to increase the overall standard of living?
growth
freedom
security
equity
12
What do we call the "fight/race" to win consumers and make sales in the marketplace?
competition
deal or no deal
rat race
King of the Market
13
Ms. Kroegel buys school supplies at Office Depot. What is represented by the arrow labeled 'a'?
the sales tax she pays
ownership of the supplies to the school board (government)
the share of the products owed to the governent
it does not apply to the transaction
14
What does this diagram depict?
a command economy
a mixed economic system
socialist governent
a free market economy
15
Why do people/societies set economic and social goals?
all of the answers are true
to focus the populous toward a common outcome
to help make choices that produce the greatest good
to have an ideal to shoot for
16
Asking yourself, "What do I want to be when I grow up?" is an example of what?
asking the economic question,"Who wants 2 be a millionaire?"
asking the economic question, "How to produce?"
asking the economic question, "What to produce?"
asking the economic question, "For whom to produce?"
17
The following picture depicts
voluntary exchange.
profit
legal equality
economic growth
18
Mom and Dad give you $50 per 'A' you make on your report card. Economists would call this?
open opportunity
an incentive
a bribe
privatization
19
The establishment of safety nets within a given economy promotes what economic goal?
equity
freedom
efficiency
security
20
In the pursuit of economic equity this man's ideas helped lead to the development of communism.
Karl Marx
Barack Obama
Gerald Ford
Adam Smith
