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C2-C3.1 Economic Systems Flashcards | StudBud
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C2-C3.1 Economic Systems
C2-C3.1 Economic Systems
20 terms
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StudBud Administration
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C2 - Economics - Pearson
Flashcards
20 cards
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Questions
20
Answers
1
Ms. Kroegel buys school supplies at Office Depot. What is represented by the arrow labeled 'a'?
the share of the products owed to the governent
the sales tax she pays
ownership of the supplies to the school board (government)
it does not apply to the transaction
2
A brain surgeon, tax attorney, herpetologist and a mathematics teacher are examples of what?
specialization
public interest
mixed economy
laissez faire
3
How do self-interest and competition work in the free market?
like a gopher digging holes for people to fall in
like an invisible hand providing what is needed
as an efficient safety net
they don't; they are counterproductive
4
The establishment of safety nets within a given economy promotes what economic goal?
freedom
security
equity
efficiency
5
What market is represented by arrows 'c' & 'd'?
flea market
product market
stock market
factor market
6
In a mixed economy, government intervention at its best occurs because
people cannot be trusted.
all the citizens want government in control.
the public good of its citizens is best served.
government officials know what's best.
7
What economic system answers the 3 economic questions based on custom, ritual or habit?
mixed
market
traditional
command
8
The following picture depicts
legal equality
profit
economic growth
voluntary exchange.
9
Mrs. Obama hires a cook for the White House. In what market would this take place?
stock market
factor market
product market
culinary market
10
Why do people/societies set economic and social goals?
to focus the populous toward a common outcome
to help make choices that produce the greatest good
to have an ideal to shoot for
all of the answers are true
11
Mom and Dad give you $50 per 'A' you make on your report card. Economists would call this?
open opportunity
a bribe
an incentive
privatization
12
To what economy would laissez faire be associated?
traditional
command
free enterprise
centrally planned
13
Asking yourself, "What do I want to be when I grow up?" is an example of what?
asking the economic question, "For whom to produce?"
asking the economic question, "What to produce?"
asking the economic question,"Who wants 2 be a millionaire?"
asking the economic question, "How to produce?"
14
What economic goal is best pursued in an effort to increase the overall standard of living?
growth
equity
security
freedom
15
What does this diagram depict?
a free market economy
a mixed economic system
socialist governent
a command economy
16
Financial capital paid to acquire land, labor or capital is called?
revenue
invoicing
factor payments
accounts receivable
17
What do we call the "fight/race" to win consumers and make sales in the marketplace?
deal or no deal
competition
King of the Market
rat race
18
In the pursuit of economic equity this man's ideas helped lead to the development of communism.
Barack Obama
Gerald Ford
Karl Marx
Adam Smith
19
Which of the follow countries have a mixed economy with a focus on the free market?
all of the listed countries
USA
Canada
Great Britain
20
Which of the follow is NOT a characteristic of a command economy?
open opportunity
lack of incentives stunts innovation
associated with socialism and communism
government run factors of production
