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Economic Systems Review Game (Test)Part 2 Flashcards | StudBud
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Economic Systems Review Game (Test)Part 2
Economic Systems Review Game (Test)Part 2
42 terms
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StudBud Administration
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224 plays
Scarcity, 4 factors of production, 3 basic economic questions, and Economic systems
Flashcards
42 cards
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Questions
42
Answers
1
The desire to make a profit is
greed
rewarding
risky
profit motive
2
A(n) ___ is an economic system in which economic decisions are made in the marketplace.
mixed economy
market economy
command economy
equilibrium economy
3
Scarcity occurs when
conservation is at an all-time high
distribution breaks down
demand exceeds supply
consumers' needs exceed wants
4
The amount of goods and services that producers will provide at various prices
labor resources
demand
supply
capital resources
5
What are planned (Command) Economies able to do quickly?
Trade within their own Country
Monopolize the economic system
Manage their finances
Mobilize economic resources on a large scale.
6
People who make the goods and services for which they are paid
capital resources
labor resources
capital
natural resources
7
In a Market Economy where does the "supply" come from?
The Owner
The Market
Show and Tell
Natural Resources, capital, and labor
8
Resources are the things necessary for making only what people need.
True
False
9
Which economy is based on the customs, traditions, and rituals of a group of people.
Traditional
Command
Mixed
Capitalism
10
Where do most economies evolve from?
ALL societies in the modern world have elements of all 3 types
Most societies in the modern world don't have any elements.
Most societies in the modern world have elements of all 3 types
Most societies in the modern world have elements of all 2 types
11
What does Capitalism require to accomodate the distribution of goods and services?
A traditional economy to set prices and distribute goods and services.
A command economy to set prices and distribute goods and services.
A market economy to set prices and distribute goods and services.
A faming community to set prices and distribute goods and services.
12
Which of the following is not a characteristic of a command economy?
Prices are controlled by the state.
A central authority makes the key economic decisions.
The government owns and controls all the resources.
There is much competition.
13
Combines elements of a market economy and command.
Command
Mixed
Majority
Market
14
Every type of business needs labor resources to produce goods and provide services.
False
True
15
How does a markey economy make the decisions about what to produce?
Law of Good Faith
A Good Guess
Negotiations
Law of Supply and Demand
16
Which one is NOT a factor of production that is regulated by an economic system.
Capitalism
Labor
Land
Physical Resources
17
Things used to produce goods and services
capital resources
labor resources
natural resources
18
A shortage of resources is called
mixed economy
nonrenewable
market economy
scarcity
19
What is one advantage of a market economy?
Rewards Innovation
Offers Government funding
Rewards free time
Focuses on Government
20
Two basic types of economic systems are a market economy and a demand economy.
True
False
21
The government makes all the decisions regarding the resources of a group of people.
Command Economy
Mixed Economy
Traditional Economy
Market Economy
22
The amount of money given or asked for when goods and services are bought and sold
supply
price
economics
demand
23
The principles of supply and demand guide the market.
Traditional
Catholicism
Market
Command
24
Buildings, delivery trucks, and equipment are all examples of
permanent assets
capital resources
short-term investments
capital
25
Where do market economies evolve from?
Traitional Economies
Farming Economies
Mixed Economy
Market Economy
26
Every society has enough productive resources to produce everything people want and need.
True
False
27
What do Command Economies often sacrifice when they mobilize rapidly?
Friendships
Other societal needs
Food and Water
Wages
28
All of the following are factors of production except
capital resources
educational resources
labor resources
natural resources
29
What is a DISADVANTAGE of a market economy?
Competition-doesn't take into account the elderly people or disabilites.
Supply and Demand
Market Force
Conisderation of employment opportunities.
30
In a command economy, resources and businesses are owned and controlled
by the government
by groups of people in a co-op
by other countries
privately
31
In a command economy,
highly skilled workers earn less than low-skilled workers
highly skilled workers earn more than low-skilled workers
highly skilled workers are not needed
highly skilled workers earn the same as low-skilled workers
32
Pick one way the constitutiuon protects a market economy?
Limits government's power to interfere in developing a road system.
Limits the Free Market
Limit government's power to interfere in rights not outlined- constitution.
Sunblock protects the market economy.
33
In a market economy, producers set a price that
will cover their costs and result in profit
consumers are willing to pay
consumers can afford
the government will allow
34
How does a Command Economy make all of their decisions?
Rock, Paper, Scissors
Central Government
Socialism
Trade and Barter
35
Economies with greater government control of resources are considered more
communist
socialistic
nationalistic
capitalistic
36
Most nations have a
moderate command economy
pure market economy
pure command economy
mixed economy
37
In a market economy, resources are
shared
plentiful
privately owned
scarce
38
A(n) ___ is a combination of a market and a command economy.
market economy
equilibrium economy
mixed economy
command economy
39
What do Traditional Economies use instead of money?
Borrowing
Barter
Purchasing
Stealing
40
Several traditional economies have evolved into a mixed type that incorporates capitalism, socialism, or communism.
True
False
41
A traditional economy is a system that relies on customs, history, and time-honored beliefs.
False
True
42
An individual who undertakes the creation, organization, and ownership of a businesses
labor resources
capital resources
central authority
entrepreneur
