stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Chapter 2 : Economic Systems Flashcards | StudBud
Explore
/
Duplicate of Chapter 2 : Economic Systems
Duplicate of Chapter 2 : Economic Systems
16 terms
·
StudBud Administration
·
44 plays
Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
16 cards
F
Practice quiz
P
Host live
L
Questions
16
Answers
1
What economic system is based on private ownership of the factors of production?
Capitalism
Communism
Socialism
Marxism
2
What is the effort between two or more people to try to get the business of others?
Struggle
Conflict
squabbin'
Competition
3
Which economic system does the United States have?
Command
Traditional
Market
Mixed-Market
4
What is the french term meaning "leave things alone"?
au revoir
laissez faire
omelette du fromage
sacre bleu
5
What is the term for a system that requires absolute obedience to authority?
Forcism
Monarch
Command
Authoritarian
6
The invisible hand
karl marx's idea
casper's hand
the hand that you can't see
is the choices consumers and producers make
7
Which economic system is based on individual choice?
Market
Fiat
Command
Traditional
8
In which economic system does the government decide what goods and services will be produced?
Command
Market
Fiat
Traditional
9
What is the concept that consumers have to power to purchase what they want, giving them power?
Consumer Jurisdiction
Consumer Determination
Consumer Sovereignty (choice)
Consumer Autonomy
10
What is the term for a system in which society's leaders make all economic decisions?
Communistic Planned Economy
Government Owned Economy
Socialist Run Economy
Centrally Planned Economy
11
What is the rights of individuals and groups to own property?
Property Ownership Rights
Private Property Rights
Public Property Rights
Public Land Rights
12
Which economic system is based on customs or beliefs passed down generation to generation?
Market
Fiat
Command
Traditional
13
What is the extreme form of socialism?
Leninism
Socialism X
Marxism
Communism
14
From who's ideas was communism developed?
Kim Jong Il
Karl Marx
Mao Zedong
Matt Jackson
15
What is the best example of a command economy in the modern world?
North Korea
China
South Korea
Malaysia
16
What is the government system in which the government owns factors of production?
Oligarchy
Socialism
Capitalism
Realism
