What is a free market economy?

No government involvement in economy

What is a safety net?

Government transfers that provide economic security

Who's ready for Graduation?

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What is the following image represent?

Circular Flow Model of a Market Economy

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Duplicate of Econ Chapter 2💸💸

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Prentice Hall Economics Chapter 2

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Questions 15

Answers

1
Which of the following is NOT a question that economic systems answer?
What goods should be produced?
How should it be produced?
Who gets to use the products?
Who gets the right to produce?
2
What drives economic growth?
Economic growth hormone
Efficiency
Infinity stones
Innovation
3
A group of people living in a single residence is a:
Firm
Family
Domestic partnership
Household
4
The structure of methods/principles used to produce and distribute goods and services is what?
Free market
Economic system
The first rule of fight club
Jungle law
5
Of the following nations, which leans most heavily towards a free market?
Hong Kong
France
Sokovia
USA
6
What market does the blue portion of the following image represent?
Product Market
Business Market
Factor Market
Home Market
7
What is a free market economy?
No government involvement in economy
Complete government control of economy
Partial government involvement in the economy
The Trade Federation
8
Which of the following terms describes most economies?
Racism
Mixed
Capitalism
Communism
9
Which economic system is influenced by the invisible hand?
Socialism
Communism
Capitalism
Monarchy
10
Who determines a country's economic system?
Political parties
The people
The Empire
Government
11
What is a safety net?
Like a regular net, but with yellow tape, for safety
Total Government control
Government transfers that provide economic security
Spider-Man's Web
12
Who's ready for Graduation?
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Same.
Nah, Imma stay at Valley
Me.
13
What is an in-kind benefit?
A non-monetary benefit
A signing bonus
Giving people benefits because you are kind
Cash
14
What is the doctrine that the Government should never interfere in the Market Place?
Country Bear
County Fair
Social Contract
Laissez Faire
15
What is the following image represent?
Circle Economic Model
The Circle of Life
Circular Flow Model of a Manufacturing Economy
Circular Flow Model of a Market Economy

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