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Econ Chapter 2

QuestionAnswer
The way a society uses scarce resources to satisfy its people's unlimited wants is called an economic system
The situation where women tend crops and raise children while men hunt is often found in a traditional economy
Resistance to the introduction of new farming methods is an attitude often found in a traditional economy
Producers and consumers drive the economy of a market economic system
Bureaucrats deciding what products should be sold in stores is a feature of a command economy
Government officials deciding the distribution of all resources is a feature of a command economy
Between 1867 and 1894, Karl Marx published a 3-volume study called Capital
According to Karl Marx, all of history is a struggle between classes
9. Karl Marx predicted that in time workers would overthrow the industrial system
Since 2003, central planners of North Korea have relaxed restrictions on private ownership somewhat
The economic decisions of central planners often are wrong because they have little understanding of local economic conditions
In the former Soviet Union, the practice of people taking factory light bulbs to use in their homes was the result of a shortage brought on by poor decisions made by central planners
With voluntary exchange, a buyer and seller agree to do business together for the mutual benefit of both
In a market economy, the real power in the market place is held by the consumer
An example of intellectual property is a(n) song, an author's copyright on a book or article, a distinctive logo design representing a soft drink company and its products, unique design elements of a web site, or a patent on a particular process to, for example, manufacture chewing gum.
In economic terms, laissez faire means that the government stays out of the market place
In today's world, there are no pure market economies
A circular flow model shows how all interactions occur in a market economy
In a factor market businesses are customers and individuals are producers
An advantage of a pure market economy is that it allows local communities to set their own economic development
Freedom of economic choice is one of the chief advantages of a market economy
Elements of traditional, command, and market economies are combined in a mixed economy
In the United States, harvest-time customs represent the influence of a traditional economy
A mixed economy of Sweden has "cradle to grave" social benefits and private ownership of property
A society that has public schools and ownership of private property has elements of both command and market economic systems
A society in which some people practice subsistence farming while others own businesses has elements of both traditional and market economic systems
Global financial transactions have been made quick, inexpensive, and easy by computer linkages
When a nation's economy privatizes it changes from government ownership to private ownership
When a nation's economy nationalizes it changes from private ownership to public ownership
Moving steel mills from private ownership to public ownership is an example of nationalization
Created by: kdjones216a1
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