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Chapter 2 : Economic Systems Flashcards | StudBud
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Chapter 2 : Economic Systems
Chapter 2 : Economic Systems
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StudBud Administration
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
15 cards
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Questions
15
Answers
1
In which economic system does the government decide what goods and services will be produced?
Mixed
Traditional
Market
Command
2
Which economic system is based on individual choice?
Command
Market
Traditional
3
Which of the following is NOT a key economic question?
What good and services to produce?
How are goods are paid for?
How should these goods and services be produced?
Who gets to consume whats produced?
4
Which economic system believes that a violent revolution is necessary?
Socialism
Capitalism
Communism
5
What is the effort between two or more people to try to get the business of others?
Competition
Fight
Conflict
Struggle
6
What is one of the most important advantages of a free market?
It protects the less fortunate
It eliminates unemployment
It is easy to regulate
It encourages growth
7
Which economic system does the United States have?
Pure Free Market
Traditional
Command
Mixed
8
The perspective that true equality requires both political and economic equality is known as
Socialism
Communism
Captialism
Fascism
9
From who's ideas was communism developed?
Kim Jong Il
Stalin
Mao Zedong
Karl Marx
10
What does the process of specialization do for an economy?
It makes it more efficient
It eliminates unemployment
it fosters competition
11
Which of the following goals is difficult to achieve in a pure free market system?
economic prosperity
economic equality
economic growth
economic freedom
12
Which economic system is based on customs or beliefs passed down generation to generation?
Mixed
Traditional
Market
Command
13
What is the french term meaning "leave things alone"?
laissez faire
je t'aime
au revoir
omelette du fromage
14
What is the best example of a command economy in the modern world?
The United States
South Korea
North Korea
15
Who of the following was a free market philosopher?
Adam Smith
Vladimir Lenin
Joseph Stalin
Karl Marx
