Econ- Test 1

Why are the factor and product markets different for market and mixed economies?

What is the most common economy in the modern day?

When a shift occurs in production of two goods, the price of one of the goods will increase

The inner ring of a Circular Flow Diagram of a Market/Mixed Economy represents

Who is considered the father of modern day Capitalism?

Knowledge and skills that a worker gains through experience and education is

Deciding how much more or less to do

The outer ring of a Circular Flow Diagram of a Market/Mixed Economy represents

Limited Quantities of resources to meet unlimited Wants

Political system in which all economic and political power is in the hands of the government

Firms in a of a Circular Flow Diagram of a Market/Mixed Economy represent

Households in a Circular Flow Diagram of a Market/Mixed Economy represent

Philosophy based on the idea of equal distribution of wealth through a democratic means

Which economic goals/values are based on a nation’s priorities and values

Which of the following DOES NOT go in a Decision Making Grid

Which economic goal/value works toward a higher standard of living?

What type of economy is based on traditions, customs, and beliefs shaping production

Which economic goal/value seek to create a fair distribution of wealth

Which Economic goal/value is about making the most of a country's resources

Economic system in which a country's economy is controlled by private owners

In which type of economy does the government make all the decisions and control production

Which of the following is an example of a Safety Net in the US Economy

Which of the following is NOT a reason why the Communist economy of the USSR collapsed

What is the motivating force behind the Free Market?

Which economic goal/value deals with freedom from government intervention in economic affairs

Arrangement that allows buyers and sellers to exchange things is known as

Which economic goal/value provides assurance that economic affairs run smoothly

Producers cannot offer goods and services at current prices

Which concept deals with how the market regulates itself through competition and self-interest

Which of the following countries has mostly a traditional economy?