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Economic systems & Globalization Flashcards | StudBud
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Economic systems & Globalization
Economic systems & Globalization
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#Globalization
Flashcards
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Questions
10
Answers
1
Private Property is?
Any good that is owned by an individual or a business
Any good that is owned by the government
2
What is the correct characteristic of a Capitalism system
Gov. has control over what/how to produce
officials write economic plans
resources owned/controlled by Gov.
more likely to care for & use private property productively
3
Growing integration of national economies throughout the world
excludable public goods
invisible hand
globalization
economics
4
A market force that helps the demand and supply of goods in a free market to reach equilibrium
Globalization
Invisible hand
Public property
Private goods
5
Which one is a benefit of Globalization
More power to big corporations
increase in income inequality
Higher standard of living
Lose of jobs
6
Which one is an example of a nonexcludable public good
A going to see a movie at a movie Theater
Slice of Pizza
A Pen
National Defense
7
What is the correct characteristic of a Socialism system
Government determines prices
Gov. Has limited of what/how to produce
resources owned/controlled by private individuals
less focus on income distribution
8
what is the Economic system, in which the government owns the factors of production and Plans
Free Enterprise
Socialism
Traditional
9
what is the Economic system, in which the market directs activity
Traditional
Socialism
Free Enterprise
10
obtain goods or a service from an outside supplier
outsourcing
offshoring
