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Prax 0014 economics

Praxis II test 0014 social studies - economics

QuestionAnswer
economic theories anarchist, capitalism, communist, industrialism, laissez-faire, mercantilism, socialist
anarchist; anarchism there is no established control or guidelines; self-regulated market with voluntary trade
capitalism property is privately owned and goods are privately produced; mostly private owned for private
communist endorses the establishment of society based on common ownership of the means of production
industrialism uses large industries rather than agriculture or craftsmanship to create a system
laissez-faire promotes private production to maintain freedom, security and property rights; strict free market, with absence of government involvement
mercantilism defends that a nation must depend on its capital and that the world market is unchangeable
socialist; socialism system of social control regarding property and income rather than individual control; cooperative and labor managed
budget management of current money that requires choices and analysis of the situation
black economy an unreported sector of the primary economic system in which transactions are handled in cash only
consumption the use of resources
depression a long period of financial and industrial decline
fiscal policy a way to regulate the economic activity
inflation increase in overall prices for products and services
microeconomics how specific markets function involving consumers and businesses
macroeconomics how the national economics function (income, consumption, and investment)
monetary policy the way government controls the money supply, such as interest rates
recession period of slow economic growth plagued with high unemployment and minimal spending
supply and demand the amount of goods and services is directly related to the request for them 9when the request (demand) goes up, the amount (supply) must go up, and therefore, the price goes down)
value the basis for economics and used to describe and measure what is occurring in the market
basic law of economics supply and demand; individuals must often make choices based on the availability of the resources and their ability to obtain them
economic systems Autarky economy (Closed economy), dual economy, gift economy, market economy, mixed economy, natural economy, open economy, planned economy, participatory economy, subsistence economy
Autarky economy (closed economy) self-sufficient system that limits outside trade, relying on its own resources
dual economy two systems (local needs and global needs) within one country, occurs mostly in underdeveloped countries
gift economy believes that goods and services should be given without specific reason such as for generosity
market economy functions through the exchange in the "free market". It is not designated or managed by a central authority, but through privately owned production, in which the revenue is distributed through the operation of markets
mixed economy considered a compromise system, as it allows publicly and privately owned companies or businesses to operate simultaneously
natural economy operates on a bartering or trade system rather than a monetary foundation for the exchange of goods and services
open economy allows export and import from the global market
planned economy (direct economy) - is designed and managed through a primary authority
participatory economy guides the production, consumption and allocation of resources through participatory decision making of its society members
subsistence economy is on in which the output of services and goods meets only the population consumption of the area and resources are renewed and reproduced
International Monetary Fund (IMF) allocates short term credit to countries who need to pay off debt
Created by: allie424 on 2009-11-03



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