What is a safety net?

Government transfers that provide economic security

Who's ready for Graduation?

Me., Same., ✋🏼✋🏼✋🏼✋🏼✋🏼✋🏼✋🏼✋🏼✋🏼✋🏼✋🏼✋🏼

What is the following image represent?

Circular Flow Model of a Market Economy

What is a free market economy?

No government involvement in economy

studbud

Econ Chapter 2💸💸

15 termsStudBud Administration69 plays

Prentice Hall Economics Chapter 2

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

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

Econ Chapter 2💸💸 Flashcards | StudBud