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Economic Flashcards
Flashcards used to study for the test
| Question | Answer |
|---|---|
| Four types of Economic Systems | Traditional, Market, Mixed, Combined |
| Three basic questions of economics | 1)What will be produced, 2)How will it be produced, 3)Who will consume it |
| Traditional | Based on culture and rituals |
| Command | Relies on government to make all economic decisions |
| Mixed | Limited government involvement while applying free market concepts |
| Socialism | social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout society. |
| Communism | characterized by a centrally planned economy with all economic and political power resting in the hands of the central government. |
| Authoritarian | they exact strict obedience from their citizens and do not allow individuals freedom of judgment and action. |
| laissez faire | Said by Adam Smith; the doctrine that government should not intervene in the marketplace. |
| Free enterprise | An economic system characterized by private and corporate ownership of capital goods |
| continuum | a range with no clear divisions |
| transition | period of change over toward a market-based system. |
| Microeconomics | The study of a single factor of the economy rather than economy as a whole. |
| Macroeconomics | The study of an entire economy or one of its principle sectors. |
| 6 Economic Goals | Efficiency, equity, freedom, growth, security, and stability |
| Economic freedom | Ability to make our own decisions without the government interference |
| Economic efficiency | Making the most out of our resources |
| Economic equity | Fair/ just distribution of society's wealth |
| Economic growth | Improving standard of living. Producing more/ better goods and services |
| Economic security | Seeks to provide less fortunate memes with support |
| Economic stability | Goods/ services are there when we want them |
| which of the following is NOT considered a Macroeconomic decision? | A movie theater hiring one employee |
| The method used by society to produce and distribute goods and services | economic systems |
| NIke's decision to make shoes in CHina and take advantage of cheap labor is an example of | economic freedom |
| Equity is an economic goal supported by which economy? | mixed economy |
| The ability to make decisions about what goods and services to buy & sell without government restrictions is called? | economic freedom |
| The increase in the production of country's goods and services is called? | economics growth |
| Economic stability is supported by the following economy? | mixed market |
| Economic stability occurs the following economic measures are meet | all of the above |
| Which of the following is Not a priority of a free market economy | economic equity |
Created by:
Jamesc16
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