Economic Systems

Market economies are more concerned with economic equity and economic security.

Which of the following is not an economic system mentioned in class

If people generally act in their own self-interest, the result will be?

North Koreans are on average 3 inches taller than South Koreans

The study of the way things are (facts) in the economic world is called?

In countries where property rights are well defined, the standard of living is generally higher

In a pure command economy, competition is encouraged.

Market systems have the most government interference & control over the economy.

In a command economy, prices are controlled by the government.

Socialists believe that economic equality is only possible if there is which economic system in place?

According to the Econ Freedom Index, the United States is more economically free than Canada.

Which of the following is most likely to have property rights rule of law & an open legalsystem

The invisible hand is term used by Adam Smith to describe the natural force that guides markets through competition.

The economic system here in the U.S. would be best described as

Command economies are more concerned with econ equity & econ security than market economies.

Which of the following countries has a primarily command economy?

Which of the following is not an economic questions that every economic system must answer?

Chad, Sri Lanka and Haiti have higher standards of living (GDP per capita) than most countries.

Land, labor, _________, and entrepreneurship are the four factors of production.

Centrally planned economy is

Which of the following countries has the least economic freedom?

In a traditional economy decisions are based largely on what?

1. In this economic system, the three economic questions are answered by government.

The U.S. will benefit economically if we eliminate trade with Asian countries.

The assumption of rational self-interest rules out concern for others.

Centrally planned. Government owns land, capital, in a sense labor, too

Command economies lack which of the following with which to make decisions?

How are goods and services allocated (distributed) in a market economy?

If we produce defense related foods for war, it won't affect the amount of other goods produced

Which of the following would be described as more of a command economic system?