Which one is Communism?

if you have 2 cows, the government takes both and gives you milk

which one is not a strength of a traditional Economy?

it can adjust to change over time

What is a Market Economy?

the people and firms act in their own best interest to answer what,how,whom

The 3 major kinds of economic systems are?

Traditional, command and market

What is Voluntary Exchange?

This is the process of buyers and sellers engaging in market transitions

what is a economic system?

A organized way of providing for the wants and needs of the people

if you have 2 cows, the government shoots you and takes both

What is Full Employment

the people want American to provide as many jobs as they can

what is consumer sovereignty?

means that the consumer is the ruler of the market

What is a traditional Economy?

Allotment of scarce resources stems from ritual, habit and custom

what is Free Enterprise?

Privately owned businesses, have the freedom to operate for a profit

Which one is socialism?

if you have 2 cows, the government takes one and gives it to your neighbor

what is Economic Efficiency

facts of production must be used and resources are scares

What is Economic Freedom

People of the united States place a high value on their freedom

What are the Mixed Socialist Nations

China,Cuba,North Korea, and the former Soviet union

Which one is a Fascim?

if you have 2 cows, you keep the cows and give the milk to the government

what are the four characteristics of a free Enterprise

Economic freedom, voluntary exchange, private property, the profit motive

what is Economic Security

american people desire to be protected from evens such as illness / layoffs

Which one is Capitalism?

if you have 2 cows, you sell one and buy a bull to build up your herd

What Is Price Stability?

It is good to have stable prices

What Is a Mixed Economy?

Tradition, government, market each answer some of the what,how and for whom

What is Private Property?

The people have the right to control their possessions how ever they want

What is Economic Equality?

American people have a strong sense of justice, fairness and impartiality

What Is Economic Growth?

Most people want to have better jobs and better things in the future

Which one is Not a weakness of a Mixed Economy?

faster growth than command Economy

Which one is not something a Regulator dose?

Deals with environmental Hazards

System in which private citizens own the factory of production

what is a command Economy?

A economy with a central authority makes most of the what, how, for whom

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Economic Chapter 2 Review

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Questions 30

Answers

1
Which one is Communism?
if you have 2 cows, you sell one and buy a bull building up your herd
if you have 2 cows, the government takes one and gives it to your neighbor
if you have 2 cows, the government takes both and gives you milk
if you have 2 cows, you keep the cows and give the milk to the government
2
which one is not a strength of a traditional Economy?
the main strength is that everyone knows there role to play
life is stable, predictable and continues
it can adjust to change over time
what, how, and for whom are easily answered
3
Mixed Economies work better under what type of government?
Democracy
republican
traditional
Anarchy
4
What is a Market Economy?
Allotment of scarce resources stems from ritual, habit and custom
the people and firms act in their own best interest to answer what,how,whom
A system in which private citizens own there own business
A organized way of providing for the wants and needs of the people
5
The 3 major kinds of economic systems are?
anarchy, traditional and economic freedom
Command, capitalism and anarchy
Traditional, command and market
traditional, command and free enterprise
6
What is Voluntary Exchange?
process of buys and sells in a traditional economy
Good Luck
Process of buyers and sellers in a market economy
This is the process of buyers and sellers engaging in market transitions
7
what is a economic system?
A system in which private citizens own the factories of production
A organized way of providing for the wants and needs of the people
people in the United States place a high value on their freedom
the American people have a strong sense of justice, and fairness
8
Which one is Nazism?
if you have 2 cows, the government takes one and gives it to your neighbor
if you have 2 cows, you keep the cows and give the milk to the government
if you have 2 cows, the government takes both and gives you milk
if you have 2 cows, the government shoots you and takes both
9
What is Full Employment
american people desire to be protected from evens such as illness / layoffs
facts of production must be used and resources are scares
most people want better jobs and better thing in the future
the people want American to provide as many jobs as they can
10
what is consumer sovereignty?
IDK
they have the say in what is produced
means that the consumer is the ruler of the market
false advertising
11
What is a traditional Economy?
A system in which private citizens own there own business
Where privately owned business have the freedom to operate for a profit
Allotment of scarce resources stems from ritual, habit and custom
The government has become a protector, provider of goods to
12
what is Free Enterprise?
Privately owned businesses, have the freedom to operate for a profit
Is an organized way of providing for the wants and need of the people
Scare resources stem from Ritual, Habit and custom
the American people have a strong sense of justice and fairness
13
Which one is socialism?
if you have 2 cows, you sell one and buy a bull building up your herd
if you have 2 cows, the government takes one and gives it to your neighbor
if you have 2 cows, the government shots you and takes both
if you have 2 cows, the government takes both and gives you milk
14
what is Economic Efficiency
the government preserves competition in the market
American people have a strong sense of justice, fairness and impartiality
facts of production must be used and resources are scares
so over this
15
What is Economic Freedom
people in the United States realize resources are scares
the American people people have a strong sense of justice and fairness
People of the united States place a high value on their freedom
the government preserves competition in the market
16
What are the Mixed Socialist Nations
China,Cuba,North Korea, and the former Soviet union
South Korea, Chine, North Korea, and the former Soviet union
china, Massachusetts, North Korea and the former Soviet union
China,Cuba, mexico,and the former Soviet union
17
Which one is a Fascim?
if you have 2 cows, the government takes one and gives it to your neighbor
if you have 2 cows, you sell one and buy a bull building up your herd
if you have 2 cows, you keep the cows and give the milk to the government
if you have 2 cows, the government takes both and gives you milk
18
what are the four characteristics of a free Enterprise
Economic freedom, Traditionalism, voluntary exchange and Market
Private property, the profit motive. voluntary exchange. economics
Traditional, command, market, capitalism
Economic freedom, voluntary exchange, private property, the profit motive
19
what is Economic Security
american people desire to be protected from evens such as illness / layoffs
it is a goal to have stable prices
most people want to have better jobs and better things in the future
facts of production must be used and resources are scares
20
Which one is Capitalism?
if you have 2 cows, the government shoots you and takes both
if you have 2 cows, the government takes both and gives you milk
if you have 2 cows, you sell one and buy a bull to build up your herd
if you have 2 cows, you keep the cows and give the milk to the government
21
What Is Price Stability?
It is good to have stable prices
stable prices and stables home in the future
american people desire to be protected from evens such as illness / layoffs
the people want American to provide as many jobs as they can
22
What Is a Mixed Economy?
It is good to have stable prices
the people want American to provide as many jobs as they can
Tradition, government, market each answer some of the what,how and for whom
Most people want to have better jobs and better things in the future
23
What is Private Property?
Process of buyers and sellers in a market economy
This is the process of buyers and sellers engaging in market transitions
The people have the right to control their possessions how ever they want
refers to how much people or organizations are better off
24
What is Economic Equality?
People of the united States place a high value on their freedom
the government preserves competition in the market
American people have a strong sense of justice, fairness and impartiality
people in the United States realize resources are scares
25
What Is Economic Growth?
Most people want to have better jobs and better things in the future
the people want American to provide as many jobs as they can
american people desire to be protected from evens such as illness / layoffs
It is good to have stable prices
26
Which one is Not a weakness of a Mixed Economy?
limited availability of services or decreasing equality of service
low efficiently than pure capitalism
higher tax rates to support social benefits
faster growth than command Economy
27
Which one is not something a Regulator dose?
Deals with environmental Hazards
the government preserves competition in the market
it oversees the interstate commerce commission
it deals with building and zone permits
28
what is Capitalism?
System in which private citizens own the factory of production
where privately owned business have the freedom
People have the right to control their possessions however they want
these nuts
29
what is a command Economy?
Allotment of scarce resources stems from ritual, habit and custom
A organized way of providing for the wants and needs of the people
A economy with a central authority makes most of the what, how, for whom
How much people or organizations are better off at the end
30
Which one is not a role of the Enterpreneur
Many fail
they start new business
encourages people to do better
They organize and manage factories

Economic Chapter 2 Review Flashcards | StudBud