Economic Systems

Market systems have the most government interference & control over the economy.

If people generally act in their own self-interest, the result will be?

Centrally planned economy is

In a traditional economy decisions are based largely on what?

If we produce defense related foods for war, it won't affect the amount of other goods produced

Which of the following countries has the least economic freedom?

The assumption of rational self-interest rules out concern for others.

In a pure command economy, competition is encouraged.

Which of the following would be described as more of a command economic system?

Land, labor, _________, and entrepreneurship are the four factors of production.

Which of the following countries has a primarily command economy?

Which of the following is most likely to have property rights rule of law & an open legalsystem

Chad, Sri Lanka and Haiti have higher standards of living (GDP per capita) than most countries.

Which of the following is not an economic system mentioned in class

1. In this economic system, the three economic questions are answered by government.

According to the Econ Freedom Index, the United States is more economically free than Canada.

The invisible hand is term used by Adam Smith to describe the natural force that guides markets through competition.

North Koreans are on average 3 inches taller than South Koreans

Command economies are more concerned with econ equity & econ security than market economies.

How are goods and services allocated (distributed) in a market economy?

Centrally planned. Government owns land, capital, in a sense labor, too

Market economies are more concerned with economic equity and economic security.

Which of the following is not an economic questions that every economic system must answer?

The study of the way things are (facts) in the economic world is called?

In a command economy, prices are controlled by the government.

The economic system here in the U.S. would be best described as

Socialists believe that economic equality is only possible if there is which economic system in place?

Command economies lack which of the following with which to make decisions?

The U.S. will benefit economically if we eliminate trade with Asian countries.

In countries where property rights are well defined, the standard of living is generally higher