stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
CH. 2 Economic Systems Flashcards | StudBud
Explore
/
CH. 2 Economic Systems
CH. 2 Economic Systems
25 terms
·
StudBud Administration
·
440 plays
Key concepts from Chapter 2 pertaining to economic systems.
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
What is an Economic System?
How a nation sells stuff
How a nation makes money
How a nation elects political leaders
How a nation decides to use its resources
2
An advantage of a market system is...
Lots of freedom to choose
Lots of government aid for the lower classes
Takes choices out of the people's hands
Keeps people out of debt
3
Attempt to balance an economic policy so that everyone benefits fairly
Economic Growth
Economic Efficiency
Economic Freedom
Economic Equity
4
Which of the following is NOT an area of the economy the American government has regulations?
Food and Drug quality
Working conditions
Environmental Protection
Amount of private property a person can own
5
This economic system is based on individuals owning the factors of production
Command
Traditional
Mixed
Market
6
This ideology is tied closely with Market systems, government has NO say in the economy
Ridiculousness
Capitalist
Anarchy
Communist
7
Wise use of available resources so as to obtain the greatest benefit possible
Economic Growth
Economic Equity
Economic Security
Economic Efficiency
8
The American system is known as a "Free Enterprise System" which means?
Owners have an obligation to freely distribute their assets
Free tours on the Star ship Enterprise
Every 10th purchase you get one for free
People own and control the factors of production
9
This economic system is based off of Government control
Command
Mixed
Market
Traditional
10
One thing that MUST happen in order for the Free Enterprise system to work is...
Everyone MUST go to college
People must be able to support themselves and their family
Every person must invent something new
Government must own all land and labor
11
Desire to make money that motivates people to produce goods and services to make money
Marxism
Profit incentive
Factors of production
Freedom to choose
12
Attempts to control extreme ups & downs within the economy
Economic Stability
Economic Growth
Economic Security
Economic Efficiency
13
Which of the following is NOT one of the basic economic questions systems strive to answer?
For whom should it be produced?
How should it be Produced?
What should be produced?
Why should it be produced?
14
One of the most important concepts of Capitalism is the existence of what?
Government
Stores
Money
Private Property
15
This man is considered the founder of Capitalism
Karl Marx
Willy Wonka
Thomas Jefferson
Adam Smith
16
Political ideology tied with a command system and is based on complete government ownership
Hinduism
Socialism
Communism
Capitalism
17
Consistent expansion of the economy
Economic Stability
Economic Security
Economic Freedom
Economic Growth
18
Marx's system with NO need for government is called what?
Socialism
Capitalism
Communism
Craziness
19
Protection against risks beyond people's control
Economic Protection
Economic Security
Economic Growth
Economic Stability
20
This man predicted the fall of capitalism and the eventual birth of a system with NO government
The Inuit
Bill Clinton
Adam Smith
Karl Marx
21
This is an advantage of a Traditional System
Knowing what's expected of you
Great system for Entrepreneurs
Lots of choices as a consumer
Maximum production
22
This is an advantage of a Command Economy
More potential aid for people in need
High incentives
Freedom to choose
Very few shortages of goods and services
23
The concept of Buyers and not Sellers making decisions on what is produced is called what?
A command system
Freedom of choice
Meeting a quota
Profit incentive
24
This economic system combines elements of pure command & pure market systems.
Mixed
Capitalist
Traditional
Communist
25
This economic system is based off of traditions and customs.
Market
Mixed
Traditional
Command
