Economics 5 and 6

All of the following are reasons why someone would use a labor intensive approach except?

Economy that encourages libertarian fairness?

Economic goal -who will define it, how they will define it, & where does it fit in the economy?

Economic system, results in outdated products, mediocre workmanship/merchandise, and shortages.

Which of the following is not one of the three major duties of government according to Smith?

Term that says a person's ability to accumulate wealth is solely his personal responsibility?

Most extreme form of capitalism, theory only, no government so market would be free to operate?

Which of the following is not a response that a Christian should have toward the poor?

Economic system, where a central authority or committee owns the nation's factors of production

Why should government want all people to work who can work?

System that accepts the existence of gov., but allows the gov. only minimal ownership and power

Each person has a right to a nation's wealth solely because he is part of that human race?

Which type of growth is essential because some resources cannot be replaced?

Libertarian view of economic fairness, "survival of the fittest" in getting wealth

Limited government and personal responsibility are two keys to what economic concept?  

Which type of approach uses a great deal of human labor relative to real capital?

Which terms means the government assumes ownership of companies on a large scale?

The only right of a citizen is to own and use property free of government's interference?

Rate where prices for goods/services is rising and the purchasing power of currency is falling.

Economic system where the government is the central owner and decision maker, Marx.

Type of goods that business firms use to produce other consumer goods: ovens to bake pizza.

Which of the following is not a verse that deals with God and work?

What two questions are asked when deciding what kind of modern economic system is in place?

Economy, ruled by egalitarian fairness & economic leveling very high taxes, decides who gets?

General decline in prices; supply of money/spending has been reduced; increased unemployment.

Man who argued that the economic prosperity of people made a country wealthy, not silver/gold.

What is it called when Sweden takes care of their people from cradle to grave?

System that purges greedy, teaches sharing, gives people back the factors of production?

Two problems with Radical Capitalism?

Man who destroyed the myth that "money is wealth."

Which economic system eliminates profits, levels wages, and controls prices?

Consumer goods/Capital goods is a trade off between what?

Who wrote Inquiry into the Nature and Causes of the Wealth of Nations and Wealth of Nations?

Economic system where private individuals own most of the nation's factors of production?

Results of this system: poverty, shortages, religious/political oppression, and wealthy leaders

All of the following are reasons why someone would use a capital intensive approach except

Fundamental flaw of Communism is the assumption that man is what?

What major objective of a nation where prices remain constant?

Early economic system that promoted that acquisition of precious metals as the ultimate goal.

What is an increase in the quantity of goods and services a nation can produced called?

Type of socialism, transitional where the gov. takes control of all vital industries?

When a country exports more than it imports; sells more than it buys?

Economic system where the central authority or committee answers the three economic questions?

Economic theory only: citizens would own all factors of production,answer all questions,no gov.

United States is an example of this type of modern economic system.

Economic system which allows for private ownership of nonessential businesses, highly regulated

Which type of economy has the government decide what specific items are produced?

What are the two types of economies?

Which type of economy allows private individuals to decide what type of goods will be produced?

Which of the following is not a result of a unstable price level?

Economic system destroys incentive to develop new products, more products, sets prices too low.

Which type of economy uses the labor intensive approach?

Which of the following is not Biblical principle for helping the poor?

Which type of approach uses more automated equipment than human labor?

Economic system, individuals own most of the factors of production,make most economic decisions

Output question: What will the nation produce?

Type of goods that individuals purchase for personal use: phones, coffee, Buffalo Wild Wings?

Production of more goods/services because business firms are using more land, labor & capital?

Economic system where private individuals answer the three economic questions?

System in which individuals own most factors of productions, but the gov. freely intervenes.

Equal distribution of the nation's income regardless of the person's contribution?

Which of the following is not a characteristic of a welfare state?

What is socialism in its extreme form?

Goods & services that benefit all or nearly all of a nation's people: highways, national parks?

Type of economy, uses a mix of labor & capital intensive approaches to produce its goods?

Production of more goods/services by using existing factors of production more efficiently?

In a market economy, the key to people buying goods, saving money, & businesses borrowing $?

Economic system, central authority owns factors of production and makes all economic decisions?

The act of selling the national companies back to private stockholders?

The state in which a person who wishes to work cannot find a job?