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ECN Chapter 2 Economic Systems and Decision Making Flashcards | StudBud
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ECN Chapter 2 Economic Systems and Decision Making
ECN Chapter 2 Economic Systems and Decision Making
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ECN Chapter 2 Economic Systems and Decision Making
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Regulates the price of stuff
Competition
Innovation
Safety net
Mixed economy
2
Place where buyers and sellers exchange things
Competition
Commission
Authoritarian market
Market
3
People living in a single residence
Consumer sovereignty
Competition
Household
Private property
4
Income for supplying land, labor or capital
Factor market
Factor payment
Product market
Product payment
5
When a country moves from one economic system to another
Command economy
Economic transition
Economic market
Factor market
6
Consumers decide what gets produced
Traditional economy
Consumer sovereignty
Product market
Privatization
7
Individuals not government own businesses
Free enterprise system
Stock market
Communism
Consumer sovereignty
8
Type of government that limits individual freedom
Free market
Command economy
Authoritative
Authoritarian
9
Focusing on a limited number of activities
Self-interest
Authoritarian
Specialization
Competition
10
Motivating force in a free market. What you get from a transaction
Incentive
Self-internist
Factor of production
Self-interest
11
Where households buy goods and services
Economic market
Factor market
Stock market
Product market
12
Money a business keeps after all expenses are paid
Profit
Invisible hand
Specialization
Laissez faire
13
Where firms (businesses) get land, labor or capital
Factor of production
Factor market
Factor economy
Factor payment
14
Another word for a business
Free enterprise
Firm
Economy
Privatization
15
Government programs that protect people from (layoff, injury, natural disasters)
Privatization
Free enterprise system
Mixed economy
Safety net
16
Self-regulating nature of the marketplace
Laissez faire
Standard of living
Invisible hand
Invincible hand
17
Hope of a reward or fear of a penalty
Incentive
Economic transaction
Invisible hand
Consumer sovereignty
18
Literally means "Hands Off" and government should not intervene in the marketplace
Laissez faire
Laissez fair
Factor economy
Invisible hand
19
Government owns and controls all resources and means of production
Capitalism
Communism
Free market
Socialism
20
Letting private business do the job of government
Firm
Competition
Incentive
Privatization
21
Relies on custom or ritual and trades amongst its own people
Traditional economy
Factor economy
Command economy
Transitional economy
22
The government decides what and how to produce stuff
Privatization
Command economy
Centrally planned economy
Free market economy
23
Notion that a societies wealth from businesses should be evenly distributed throughout society
Command economy
Centrally planned economy
Socialism
Mixed economy
24
Property owned by individuals or businesses and not the government
Private property
Private authoritarian
Privatization
Private properly
25
A nations or individuals level of economic prosperity
Self-interest
Factor payment
Standard of living
Free market economy
26
Prices for
goods/services
are set by forces of
supply/demand
without government intervention
Enterprise system
Mixed economy
Economic market
Free market economy
27
What are the three key economic questions
What-where-who
What-how-who
What-when-where
Where-how-who
28
Bringing new methods, products, or ideas into use
Incentive
Innovation
Factor market
Household
29
Allows private ownership of firms but government has some controls
Free market economy
Socialism
Mixed economy
Traditional economy
30
How a society produces and distributes goods and services
Factor payment
Socialism
Economic transition
Economic system
