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CH 2 Economic Systems Flashcards | StudBud
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CH 2 Economic Systems
CH 2 Economic Systems
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#marketsystem #commandsystem #mixedsystem #GlobeFearonPublishing
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
In a market economy, people are free to run any type of business
within the law
.
True
Maybe
False
2
When an economy
meets the needs of the people,
the people's __ is usually high.
standard of living
traditional way of life
taxes
profit
3
In a market economy, people are free to own property and other consumer goods.
Maybe
I have no idea! :(
True
False
4
The
government controls
the economy!
command system
market system
mixed system
traditional system
5
An __ is the way that a country/culture produces and distributes goods and services
consumer
economic system
command system
6
If a business has money left over after all costs are paid, the business makes a __.
living
donation
loss
profit
7
Economic systems answer basic questions:
What and how goods are produced and how much they cost
Who/What goods are produced and how do people buy them
What/How goods are produced and who should get them
8
A __ buys and uses goods and services.
producer
consumer
constructor
capitalism
9
One person or the govt. controls production and distribution of goods & services in a COMMAND system.
True
False
Maybe
10
People in a market economy are free to open businesses of the same type to COMPETE.
True
Maybe
False
11
The __ measures how well the
needs and wants
of citizens are being met by a country's economy
standard of living
profiteers
system of economics
12
Competing businesses in our area would be:
Taco Bell, Walmart, and King Music
Sammy's Pizza, Dominoes, and Aurelios
Sammy's Pizza, Monicals, Taco Bell
13
A COMMAND system is one where...
a Communist govt. runs everything like Cuba or N. Korea, govt. decides ALL
you will also find a healthy Democratic govt.
we supply all our G/S within our small community and tribe
14
A system where private owners of property and government control industries and services
traditional
mixed
command
15
Russia's COMMAND system failed which forced the govt. leaders to make changes to the system.
Maybe
True
False
16
People and government make decisions about production of goods & services in a MIXED system.
Maybe
True
False
17
Most countries have __ economic goals!
nearly the same
radically different
opposite
completely different
18
The United States is a PURE market economy.
True, our govt. does not regulate business at all in the US.
Ugh! I hate economics!
True
False, business have to operate within the limits of law
19
When we say that a country has a healthy economy and high standard of living we mean...
the people are barely getting their needs and wants met.
the people are meeting their basic needs and wants by working and spending.
most of the citizens are wealthy and live well beyond their means.
20
Cuba, Iran, Liberia, and North Korea all have __ economies.
command
mixed
market
traditional
21
__ is a
mixed economy.
Africa
The United Nations
The United States
22
The U.S. is NOT a PURE market economic system.
False, business is business
True, the govt. does play a small role of the goods & service distribution
Um...I have no idea. :(
23
TRADITIONAL systems are...
a huge govt. controls all of the production and people share everything
people share most G/S; small tribes like Inuit & Amish, past beliefs
where people shop online and at supermarkets for their goods
24
New and better goods & services are being produced in a healthy economy
Maybe
False
True
25
Only a few MIXED economic systems exist in the world today.
False, most around the world are mixed
True, mostly they are traditional
False, most command economies don't meet the needs/wants of the citizens
What did she say?
26
In the U.S., business and government are NOT totally separate.
True, govt. laws require and give restrictions on businesses
False
True, businesses don't have to follow laws
27
A __ system is one based on
past ways of life and culture.
profitable
mixed
traditional
market
28
A __ is a person who
buys goods and services
.
consumer
producer
contraband
coupon manager
29
__ is where people are free to start a business and make a profit.
Traditional Market Systems
Capitalism
Free enterprise
Radicalism
30
Every economic system in the world answers the three basic questions...
To WHOM, WHAT, HOW goods/services are produced and distributed!
WHERE, HOW, and WHO brings the goods/services through Door Dash
WHEN, WHY, and HOW OFTEN the goods/services are delivered by govt.
31
A MARKET economy is one where...
past way of life, people share most of the G/S produced
govt. controls production of G/S, producers keep profits
consumers freely choose, producers keep profits, & people own businesses
32
In a MARKET econ. system, like the U.S., the producers decide what goods and services are available.
Maybe
True
False
33
Entrepreneurs and/or businesses
start a business to
__.
make a deal with the bank
give goods/services away for free
make a point
make a profit
34
Inuit, Amish, some African countries use __ system economies
traditional
mixed
command
market
35
The money made by a business or person after all costs have been paid is making a __.
promise
difference
profit margin error
profit
