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Econ Chapter 2 review Flashcards | StudBud
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Econ Chapter 2 review
Econ Chapter 2 review
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Review for our Chapter 2 Economics Quiz.
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What is Standard of living?
participants in an economy rely on each other
level wealth, material goods, comfort and life necessities
% of unemployed out of all the people who are able to work
unlimited wants and needs, with limited resources
2
What kind of model is this?
circle of business life
Market economy
Mixed economy
Self-regulating
3
What does laissez faire mean?
Gonverment that stays out of business affairs.
business had to ask government for permission sell stock
Gonverment controls all
4
What is a Traditional Economy?
Allows free exchange
Controlled by government
Free ideas welcomed
Based on lineage and familial careers
5
What is a safety net?
Total Government control
Government transfers that provide economic security
Spider-Man's Web
Like a regular net, but with yellow tape, for safety
6
Which of the following are one of the three key economic questions?
How do I tie my shoes?
How does Kevin Hart ride roller coasters?
Who will eat our snack food?
How do we make electricity?
7
What is Communism?
A type of ism
A type of government
A way of life
A internet meme
8
What kind of model is this?
Product market
market economy
communist economy
incentive market
9
what is a market economy
an economy controlled by traditions, customs, and beliefs.
an economic system combining private and public enterprise.
an economy driven by country's individual citizens
an economy controlled centrally by a government.
10
What is Economic Efficiency?
All of the above
How engines work
An efficient economy that makes the most of resources.
The cost of machines.
11
When a society develops a method to produce and distribute goods, this is called?
Economic System
Growth Domestic Product
Economic development.
Economic Harmony
12
what is socialism?
transitional state between capitalism & communism
artistic and literary movement of 19th century
social experiment of the monarchy of Europe
an aspect of the industrialization of agriculture
13
What is a mixed economy?
Combines elements of the command and market economies
The private ownership of economic
To dispose of things of value
Making an economic decision independently
14
What is Free Enterprise?
Economic system, state owns all businesses.
Economic system, business is mostly free from state control.
Economic system, business is completely free from state.
Economic system, business is run by the state.
15
What is a command economy
an economy controlled centrally by a government.
an economy controlled by traditions, customs, and beliefs.
an economy driven by country's individual citizens
an economic system combining private and public enterprise.
16
What is the invisible hand?
Producers and consumers talk to one another via market sales
Goods and services that are consumed together
Market and mixed economies
Goods or services
17
what is patriotism?
a sense of duty,love, and respect for ones country.
helps and takes care of others.
when one takes responsibility for their own warfare.
influences all of the other traits of good citizens.
18
What is an incentive?
A good smell
Motivates one to do something
Getting money
A shift in the PPC curve
