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Chapter 2:Economic Systems Intro Flashcards | StudBud
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Chapter 2:Economic Systems Intro
Chapter 2:Economic Systems Intro
20 terms
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Chapter 2: Principles of Business, Marketing, and Finance #principlesofbusiness #business #CTE
Flashcards
20 cards
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Questions
20
Answers
1
The following statement, "which citizen should benefit", can be answered by which question?
none of the answer choices
what to produce?
how to produce?
for whom to produce?
2
Democratic countries operate under which type of economic system?
direct or planned economy
market economy
international economy
custom-based economy
3
Which of the following is answered through economic systems?
for whom to produce
how to produce
what to produce
all answer choices
4
Which of the following is NOT one of the 3 economic systems that we discussed in class?
direct or planned market economy
international based economy
market based economy
custom-based economy
5
A place where buyers and sellers exchange goods, services, and money
school
none of the answer choices
marketplace
craigslist
6
Free enterprise system is another term used to describe...
none of the above
custom-based economy
direct or planned economy
capitalism
7
The United States economy is
purely
capitalistic.
false
true
8
A country must learn how to best use its resources, this statement falls under which answer?
all of the answer choices
for whom to produce?
what to produce?
how to produce?
9
The money that an individual takes home after deducting expenses is called...
freedom of choice
profit
competition
private property
10
The main differences among systems are...
who owns the resources
none of the above
all of the above
who makes the production and distribution decisions
11
In this economic system, key economic questions are answered by individuals in the marketplace.
directed or planned economy
international economy
market economy
custom-based economy
12
When goods are produced the same way since the beginning this represents which of the following
custom-based economy
market economy
direct planned economy
all of the answer choices
13
Which of the following represents the economic systems mentioned in the PowerPoint?
all of the answer choices
direct or planned economy
market economy
custom-based economy
14
The right to choose how you earn a living is called...
private enterprise
profit
competition
private property
15
Economic resources
that are privately owned & decisions made by those who own them are called
freedom of choice
profit
voluntary exchange
freedom of speech
16
The United States economy is represented by which of the following terms?
directed or planned economy
mixed economy
international economy
custom-based economy
17
A nation's plan for answering key economic questions is the definition for which answer choice?
decision-making process
basic economic problem
economic systems
all of the answer choices
18
This type of economic system is usually found in less-developed countries.
mixed market economy
custom-based economy
directed or planned economy
market economy
19
Resources that are owned & controlled by the government is the definition for which term?
market economy
direct or planned economy
none of the answer choices
custom-based economy
20
How many major features of a market economy are there?
6
5
7
4
