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