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Chapter 2 : Economic Systems Flashcards | StudBud
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Chapter 2 : Economic Systems
Chapter 2 : Economic Systems
16 terms
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StudBud Administration
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices"
Flashcards
16 cards
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Questions
16
Answers
1
In which economic system does the government decide what goods and services will be produced?
Command
Fiat
Market
Traditional
2
What is the term for a system that requires absolute obedience to authority?
Monarch
Command
Forcism
Authoritarian
3
Which economic system is based on individual choice?
Market
Traditional
Command
Fiat
4
What is the french term meaning "leave things alone"?
sacre bleu
laissez faire
omelette du fromage
au revoir
5
Which economic system is based on customs or beliefs passed down generation to generation?
Traditional
Command
Market
Fiat
6
What is the rights of individuals and groups to own property?
Private Property Rights
Property Ownership Rights
Public Property Rights
Public Land Rights
7
What is the concept that consumers have to power to purchase what they want, giving them power?
Consumer Determination
Consumer Jurisdiction
Consumer Sovereignty
Consumer Autonomy
8
Which economic system does the United States have?
Market
Command
Mixed-Market
Traditional
9
What is the term for a system in which society's leaders make all economic decisions?
Communistic Planned Economy
Centrally Planned Economy
Government Owned Economy
Socialist Run Economy
10
What is the extreme form of socialism?
Communism
Marxism
Socialism X
Leninism
11
What is the government system in which the government owns factors of production?
Socialism
Realism
Capitalism
Oligarchy
12
What is America?
The Best Country in the World
Awesome
Bad
Amazing
13
From who's ideas was communism developed?
Matt Jackson
Karl Marx
Kim Jong Il
Mao Zedong
14
What is the effort between two or more people to try to get the business of others?
Competition
Struggle
Fight
Conflict
15
What is the best example of a command economy in the modern world?
China
Malaysia
North Korea
South Korea
16
What economic system is based on private ownership of the factors of production?
Capitalism
Marxism
Socialism
Communism
