Chapter 2 - Economic Systems
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Economic systems
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| The income people receive in return for supplying factors of production. | show 🗑
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| show | Profit
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| show | Safety net
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| Level of economic prosperity. | show 🗑
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| The process of bringing new methods, products, or ideas into use. | show 🗑
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| show | Traditional economy
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| show | Market
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| show | Specialization
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| show | Free market economy
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| show | Household
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| show | Firm
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| show | Factor market
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| The arena of exchange in which households purchase goods and services from firms. | show 🗑
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| show | Self-interest
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| show | Incentive
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| The struggle among producers for the dollars of consumers. | show 🗑
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| A term coined by Adam Smith to describe the self-regulating nature of the marketplace. | show 🗑
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| show | Consumer soverignty
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| show | Centrally planned economies
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| Another name for a centrally planned economy. | show 🗑
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| A range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society. | show 🗑
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| show | Communism
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| Describes a form of government that limits individual freedoms and requires strict obedience from its citizens. | show 🗑
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| show | Laissez-faire
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| show | Private Property
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| A market-based economic system in which the government is involved to some extent. | show 🗑
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| show | Economic transition
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| The process of selling businesses or services operated by the government to individual investors, and then allowed them to compete in the marketplace. | show 🗑
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| show | Free Enterprise System
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Swader
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