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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
20 terms
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StudBud Administration
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A #economics review for #12thgraders.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Each society determines who will consume what is produced based on what?
Bear Grylls says it's delicious!
unique combination of social values and goals
food allergies
the amount of factor payments
2
The 2 principles of Adam Smith's "Invisible Hand" concept are:
competition / self-interest
self-interest / property rights
competition / government intervention
"Now you see me"/ "Now you don't"
3
Adam Smith introduced laissez faire and the invisible hand in what book?
The Communist Manifesto
The Leviathan
Green Eggs & Ham
The Wealth of Nations
4
All of the following are essential economic questions except:
Where will we produce the goods and/ or services?
How much to produce?
What to produce?
Who will produce the good or service?
5
In a free market economy the most important goal is _____________________.
equity
equality
security and predictability
economic freedom
6
The doctrine promoted by Adam Smith that the government should not intervene in the market.
Shake ‘n Bake
Privatization
laissez faire
communism
7
Singapore & the U.S. are good examples of mixed economies in which _________________________.
business be BANGIN'!
the government runs everything
there is complete laissez faire
they have the most free markets
8
The concentration of efforts of individuals and firms on a limited number of activities is:
specialization
profit
factors of production
technology
9
How a society decides the best way to divide the economic pie amongst all members is:
economic efficiency
economic freedom
economic security
economic equity
10
The United States government intervenes in the marketplace for which of the following reasons?
to keep order and promote general welfare
to promote general welfare AND provide vital services
to provide vital services
to control the factors of production
11
The type of economy where decisions are based on custom & bartering frequently occurs is a:
centrally-planned economy
traditional economic system
mixed economy
free market economic system
12
An effect of the government collecting taxes and then using that money to purchase stuff is...
that the wealthy are overtaxed
that free enterprise is a myth
money is transferred in the economy
Cheetos are dangerously cheesy
13
The economy of the United States is ______________________.
a centrally planned economy
a mixed economy
a traditional economy
a free market economy
14
The fact that the market might not have incentives for protecting the environment means that:
there are limits to laissez faire
there are limits to government intervention
laissez faire/ the free market always works
Mr. S. should be the boss
15
Land, labor, and capital are purchased in which of the following:
Product Market
Thrift Shop
Factor Market
Super Market
16
Which of the following statements is true about the United States’ economy?
we have no free enterprise
markets are not allowed to be free
there is a lot of government regulation
the government protects private property
17
Why do markets exist?
people like money
So that the government can take care of us.
No one is self sufficient.
So that we can live with our parents, forever...
18
Which of the following is an economic goal?
Innovation
Efficiency
Donuts!
Growth
19
The method used by a society to produce and distribute goods and services is called a(n):
factor market
product market
firm
economic system
20
A drawback of centrally planned economies are that the government ____________.
is cumbersome and limits freedom
provides the most economic freedoms
adequately provides consumer goods
protects private property
