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Economics Unit 1- Economic Systems Flashcards | StudBud
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Economics Unit 1- Economic Systems
Economics Unit 1- Economic Systems
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Introduction to the basics of economics and systems
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
Which factor of production creates new products?
Entrepreneurship
Natural Resources
Labor Resources
Capital Resources
2
In a command economy, the government regulates how goods and services are distributed.
True
False
3
Which of the following are major goals of a socialistic system?
Neither of the 1st 2 answers
Equal distribution of income
Eliminate waste & duplication of effort by central planning
both of the 1st 2 answers
4
Which of the following is
not
one of the 3 basic questions that determine an economic system?
Who to produce it for
When to produce it
How to produce it
What to produce
5
What is the economic system used by tribal and amish communities?
Communist
Traditional
Market
Socialist
6
Which type of economic system provides equality of outcomes the best?
Socialist
Market
Traditional
Fundamentalist
7
The United States economy is a mixed economy
free market with some government intervention
free market with no government intervention
centrally planned with no government intervention
traditional economy with some government intervention
8
In a free enterprise system, who decides what will be produced?
first business, but in the end, consumers
government
first consumers, but in the end, business
tradition
9
A person who believes that wealth should be evenly distributed throughout society is
a socialist.
a communist.
an entrepreneur.
a fundamentalist.
10
The ________ system is another name for a market economy.
Free Enterprise
Socialist
Centrally Planned
Command
11
Which of the following philosophers recommended the free market
Vladimir Lenin
Karl Marx
Adam Smith
Friedrich Engels
12
Which type of economic system provides equality of opportunity the best?
Market
Traditional
Socialist
Fundamentalist
13
Which of the following describes the physical flow from households to businesses?
goods and services
consumer expenditures
factors of production
wages, rent, dividends
14
Competition is a driving force in a free enterprise economy.
False
True
15
Traditional economies usually
adapt to innovation
avoid change
16
What is the reason we need to study the principles of economics?
money
scarcity
globalization
distribution
17
What concept supports choosing people based on their achievement and talent?
Oligarchy
Merchantilism
Defenestration
Meritocracy
18
What economic system was brought to the US by England?
Meritocracy
Capitalism
Socialism
Merchantilism
19
What is the opportunity cost of going to the movie
What else you could be doing instead
The cost of the movie
there is no opportunity cost
The time the movie takes
