Karl Marx predicted that dissatisfied workers would revolt and

create a society without economic classes

The factor market is where

businesses purchase land, labor, capital, & entrepreneurship

An economic system is

the way a society uses its resources to satisfy its wants

Traditional Economy....

good of the group takes precedence over individual desires.

How have the Kavango people of Namibia changed in recent times?

Many have left their homeland for the cities.

often emphasize one type of economic system or another

When companies join cross-border business partnerships, they

sometimes share research and development costs

government owns the means of production.

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Ch 2 - Economic Systems (Economics)

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Economic Systems (Traditional, Market, and Command)

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Questions 16

Answers

1
Karl Marx predicted that dissatisfied workers would revolt and
none of these
use their own labor as a productive resource
create a society without economic classes
force factory owners to raise wages & accept smaller profits
2
The factor market is where
individuals purchase goods and services from suppliers
individuals purchase the factors of production
businesses purchase shares from individual stockholders
businesses purchase land, labor, capital, & entrepreneurship
3
Under democratic socialism, the government
owns all of the factors of production.
owns basic resources.
prohibits private ownership of property.
requires absolute obedience to those in power.
4
An economic system is
the way a society uses its resources to satisfy its wants
determined by the self-interest of the people in a society
shaped by the amount of scarcity a society experiences
society limits its people's desires to easily fulfill them
5
Traditional Economy....
government owns the means of production.
good of the group takes precedence over individual desires.
consumers and producers drive the economy.
individual must decide how to make a living for theirself
6
How have the Kavango people of Namibia changed in recent times?
Many have left their homeland for the cities.
They have taken up commercial farming.
They have built a powerful tech based economy.
They have become commercial fisherman.
7
This picture depicts which type of economy...
traditional
market
none of these
command
8
Mixed economies...
typically retain traditional production methods
tend to be found in agricultural areas
are the least common type of economic system today
often emphasize one type of economic system or another
9
This picture depicts which type of economy
traditional
market
command
10
Why do workers in a command economy have little motive to improve their productivity?
All of these
Workers are paid the same wages regardless of their output.
Harder work will not result in better economic status.
Workers are not in control of their place in the economy.
11
Both traders believe what they are getting is worth more than what they are giving up...
voluntary exchange
laissez faire
market economy
profit
12
What European country provides “cradle to grave” social benefits?
Ireland
Great Britain
Sweden
Poland
13
This picture depicts which type of economy...
traditional
command
market
14
When companies join cross-border business partnerships, they
sometimes become less efficient
increase production costs but lower their tax liability
force governments to invest in their communications systems
sometimes share research and development costs
15
This picture depicts which type of economy..
traditional
command
market
16
Command economy...
consumers and producers drive the economy.
government owns the means of production.
shaped by the amount of scarcity a society experiences
decisions are made by families, clans, or tribes.

Ch 2 - Economic Systems (Economics) Flashcards | StudBud