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CH. 2 : Economic Systems Flashcards | StudBud
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CH. 2 : Economic Systems
CH. 2 : Economic Systems
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
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Questions
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Answers
1
What is the rights of individuals and groups to own property?
Property Ownership Rights
Public Property Rights
Private Property Rights
Public Land Rights
2
What is the term for a system that requires absolute obedience to authority?
Authoritarian
Forcism
Monarch
Command
3
Which of the following is an economic goal of society?
Freedom
Efficiency
Equity
Security
4
What is the government system in which the government owns factors of production?
Realism
Oligarchy
Socialism
Capitalism
5
Which economic system is based on individual choice?
Market
Command
Traditional
Fiat
6
What is the extreme form of socialism?
Marxism
Socialism X
Communism
Leninism
7
Which of the following is NOT one of the basic economic questions systems strive to answer?
How should it be Produced?
Why should it be produced?
For whom should it be produced?
What should be produced?
8
What is the best example of a command economy in the modern world?
North Korea
South Korea
Malaysia
China
9
What is the term for a system in which society's leaders make all economic decisions?
Centrally Planned Economy
Communistic Planned Economy
Government Owned Economy
Socialist Run Economy
10
What is the concept that consumers have to power to purchase what they want, giving them power?
Consumer Sovereignty
Consumer Determination
Consumer Jurisdiction
Consumer Autonomy
11
Which economic system is based on customs or beliefs passed down generation to generation?
Traditional
Market
Fiat
Command
12
In which economic system does the government decide what goods and services will be produced?
Traditional
Fiat
Command
Market
13
What is an Economic System?
How a nation elects political leaders
How a nation sells stuff
How a nation decides to use its resources
How a nation makes money
14
What economic system is based on private ownership of the factors of production?
Marxism
Communism
Socialism
Capitalism
15
What is the struggle among producers for the dollars of consumers called?
Struggle
Fight
Competition
Conflict
16
Which economic system does the United States have?
Mixed-Market
Command
Traditional
Market
17
Theory coined by Adam Smith that
competition
and
self-interest
regulate the marketplace
Invisible Hand
Free Market Economy
Profit Motive
Private Property
18
What is the french term meaning "leave things alone"?
sacre bleu
au revoir
omelette du fromage
laissez faire
