Karl Marx predicted that dissatisfied workers would revolt and

create a society without economic classes

The factor market is where

businesses purchase land, labor, capital, & entrepreneurship

Traditional Economy....

good of the group takes precedence over individual desires.

government owns the means of production.

An economic system is

the way a society uses its resources to satisfy its wants

How have the Kavango people of Namibia changed in recent times?

Many have left their homeland for the cities.

often emphasize one type of economic system or another

When companies join cross-border business partnerships, they

sometimes share research and development costs

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Ch 2 - Economic Systems (Economics)

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Economic Systems (Traditional, Market, and Command)

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Questions 16

Answers

1
This picture depicts which type of economy...
market
command
traditional
2
Karl Marx predicted that dissatisfied workers would revolt and
none of these
force factory owners to raise wages & accept smaller profits
use their own labor as a productive resource
create a society without economic classes
3
The factor market is where
businesses purchase land, labor, capital, & entrepreneurship
individuals purchase the factors of production
businesses purchase shares from individual stockholders
individuals purchase goods and services from suppliers
4
Traditional Economy....
individual must decide how to make a living for theirself
good of the group takes precedence over individual desires.
consumers and producers drive the economy.
government owns the means of production.
5
Command economy...
consumers and producers drive the economy.
government owns the means of production.
decisions are made by families, clans, or tribes.
shaped by the amount of scarcity a society experiences
6
An economic system is
society limits its people's desires to easily fulfill them
determined by the self-interest of the people in a society
shaped by the amount of scarcity a society experiences
the way a society uses its resources to satisfy its wants
7
Why do workers in a command economy have little motive to improve their productivity?
Workers are paid the same wages regardless of their output.
Workers are not in control of their place in the economy.
All of these
Harder work will not result in better economic status.
8
How have the Kavango people of Namibia changed in recent times?
Many have left their homeland for the cities.
They have built a powerful tech based economy.
They have taken up commercial farming.
They have become commercial fisherman.
9
What European country provides “cradle to grave” social benefits?
Great Britain
Poland
Sweden
Ireland
10
This picture depicts which type of economy...
command
traditional
market
none of these
11
Under democratic socialism, the government
requires absolute obedience to those in power.
owns all of the factors of production.
prohibits private ownership of property.
owns basic resources.
12
Mixed economies...
are the least common type of economic system today
tend to be found in agricultural areas
typically retain traditional production methods
often emphasize one type of economic system or another
13
Both traders believe what they are getting is worth more than what they are giving up...
laissez faire
voluntary exchange
profit
market economy
14
This picture depicts which type of economy..
command
traditional
market
15
When companies join cross-border business partnerships, they
increase production costs but lower their tax liability
sometimes share research and development costs
force governments to invest in their communications systems
sometimes become less efficient
16
This picture depicts which type of economy
traditional
command
market

Ch 2 - Economic Systems (Economics) Flashcards | StudBud