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Economic Systems
Economic Systems
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Review for Economic Systems from Unit 1
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
Exists because resources have more than one valuable use
Scarcity
Land
Incentive
Opportunity Cost
2
Knowing that there will be milk & bread when I go to the supermarket & paying approx. price
Freedom
Security
Growth
Stability
3
Natural resources that include water, minerals, and timber
Entrepreneur
Labor
Land
Capital
4
Being guaranteed a job by the government after graduation
Security
Growth
Stability
Freedom
5
What are the two focused economic goals of a COMMAND economy?
Stability & Growth
Freedom & Security
Equity & Efficiency
Equity & Security
6
What you give up for each economic decision you make
Incentive
Scarcity
Capital
Opportunity Cost
7
Technological advances and increased employment at my factory
Stability
Freedom
Growth
Efficiency
8
Who answers the 3 economic questions in a COMMAND economy?
The government
Customs
The government & the consumers
The consumers
9
The U.S. is most closely an example of which type of economic system?
Command
Market
Traditional
Communist
10
What are the two focused economic goals of a MARKET ECONOMY?
Equity & Security
Freedom & Security
Growth & Freedom
Freedom & Efficiency
11
The U.S. is considered a mixed market economy because:
It allows limited use of economic freedom
Operates off the principles of a command, but allows freedom
Operates off the principles of a market, but has some govt
It goes back and forth between market and command economies
12
Based on what you have seen, which of the following is NOT true of a COMMAND ECONOMY?
Little economic freedom exists
Some services are provided for the people
Resources are widely available for the people
Women and men are seen as equals
13
What are factors of production?
Land, Labor, and Capital
Goods and Services
Wages, Salaries and Profits
Risk and Opportunity
14
Choosing to buy a new car, instead of a used one
Equity
Freedom
Growth
Stability
15
One disadvantage of transitioning to a market economy is:
The government controls what is produced
People are not guaranteed a job, there could be unemployment
People can choose what job they want
People who work hard will not be rewarded
16
A computer is considered "land" in the 3 factors of production
False
True
17
The 3 economic questions are: what to produce, _____, and for whom to produce
Where to produce
When to produce
How to produce
Why to produce
18
Which of the following situations best explains an INCENTIVE
Michaela goes to a restaurant for dinner
Carly's children misbehave during dinner
Tylor snacks all afternoon and is not hungry
Bailey gives her children candy if they behave during dinner
19
The U.S. government plays an important role in its economy. Which of the following is NOT ONE
Preventing monopolies
Protecting property rights
Keeping prices affordable
Correct problems society feels is wrong, such as child labor
20
Which of the following is a benefit of transitioning from Command economy to a Market economy?
There will be long-term high unemployment
Everyone will have what they need and want
People can choose their own jobs
There will be zero unemployment
21
Examples include machinery, tools, and factories
Labor
Capital
Entrepreneur
Land
22
Who answers the 3 economic questions in a MARKET economy?
The government
The Federal Reserve
Customs
Consumers & Producers
23
What, how, and for whom to produce are all answered by the GOVERNMENT
Command Economy
Market Economy
Traditional Economy
Mixed Economy
24
Self-interest and competition are key factors in a COMMAND ECONOMY
False
True
25
Having the skills to bake well, decides to open a bakery, not an auto body shop
Stability
Freedom
Security
Efficiency
26
Most decisions involve making trade-offs
False
True
27
All economists agree on 3 factors of production. Which of the following is NOT one
Income
Capital
Labor
Land
28
Providing the same wages to workers, regardless of skill level
Freedom
Security
Equity
Growth
29
Efficiency and freedom allows this economic system to promote the most growth and stability
Traditional Economy
Command Economy
Market Economy
Mixed Economy
