In a free enterprise economy, WHAT is NOT a right &/or responsibility of the people?

Allow Gov. to support them & their families

What is NOT a positive aspect of a Market Economy?

No differentiation in goods and services

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Economic Systems&Goals

12 termsStudBud Administration969 plays

Covers 4 economic systems & 6 economic goals

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Questions 12

Answers

1
What is a major part of the U.S. economic system?
Equity
Having a responsible government
Private property
Belief only the strong will survive
2
What is NOT a positive aspect of living in a command economy?
Government can change the direction of the economy
Strange Incentives
Little to no unemployment
Knowing your future
3
Greater economic freedom is associated with what?
Short life expectancy
Controlling government
Terrorism
Economic growth
4
In a free enterprise economy, WHAT is NOT a right &/or responsibility of the people?
Become a productive member in the system
To work a lot or a little
Allow Gov. to support them & their families
Buy the goods & services they desire
5
When there is competition in an economy, what will happen?
Lower prices for consumers
All of the options
Waste of resources
Decreased number of businesses
6
Which is not one of the questions ALL economic systems MUST answer?
Who gets the items produced?
How to produce?
What to produce?
How much to produce?
7
Most economies are what?
Mixed
Traditional
Command
Market
8
Private individuals own the resources, but follow limits set by government
Capitalism
Private property
Free entrepreuneur
Pure market economy
9
What is NOT a positive aspect of a Market Economy?
No differentiation in goods and services
Plenty of individual freedom
Lack of government interference
All people have a say in economic decisions
10
U.S. government provides Economic Security by providing all of the following EXCEPT?
Life insurance
Unemployment compensation
Social Security
Medicare
11
When a country has economic stability which of the following will NOT occur?
Investment in future growth
Massive swings in unemployment
Consistent prices for goods & services
Inflation remains around 2-3%
12
The ability to use limited resources to produce the most goods/services is?
Economic security
Economic equity
Economic efficiency
Economic stability

Economic Systems&Goals Flashcards | StudBud

Economic Systems&Goals

12 termsStudBud Administration969 plays

Covers 4 economic systems & 6 economic goals

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
What is a major part of the U.S. economic system?
Equity
Having a responsible government
Private property
Belief only the strong will survive
2
What is NOT a positive aspect of living in a command economy?
Government can change the direction of the economy
Strange Incentives
Little to no unemployment
Knowing your future
3
Greater economic freedom is associated with what?
Short life expectancy
Controlling government
Terrorism
Economic growth
4
In a free enterprise economy, WHAT is NOT a right &/or responsibility of the people?
Become a productive member in the system
To work a lot or a little
Allow Gov. to support them & their families
Buy the goods & services they desire
5
When there is competition in an economy, what will happen?
Lower prices for consumers
All of the options
Waste of resources
Decreased number of businesses
6
Which is not one of the questions ALL economic systems MUST answer?
Who gets the items produced?
How to produce?
What to produce?
How much to produce?
7
Most economies are what?
Mixed
Traditional
Command
Market
8
Private individuals own the resources, but follow limits set by government
Capitalism
Private property
Free entrepreuneur
Pure market economy
9
What is NOT a positive aspect of a Market Economy?
No differentiation in goods and services
Plenty of individual freedom
Lack of government interference
All people have a say in economic decisions
10
U.S. government provides Economic Security by providing all of the following EXCEPT?
Life insurance
Unemployment compensation
Social Security
Medicare
11
When a country has economic stability which of the following will NOT occur?
Investment in future growth
Massive swings in unemployment
Consistent prices for goods & services
Inflation remains around 2-3%
12
The ability to use limited resources to produce the most goods/services is?
Economic security
Economic equity
Economic efficiency
Economic stability