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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| show | Factor payment
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| show | Profit
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| show | Safety net
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| show | Standard of living
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| show | Innovation
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| An economic system that relies on habit, custom, or ritual to decide the three key economic questions. | show 🗑
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| show | Market
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| The concentration of the productive efforts of individuals and businesses on a limited number of activities. | show 🗑
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| An economic system in which decisions on the three key economic questions are based on voluntary exchange in markets. | show 🗑
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| A person or group of people living in a singe residence. | show 🗑
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| show | Firm
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| The arena of exchange in which firms purchase that factors of production from households. | show 🗑
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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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| show | Invisible Hand
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| The power of consumer to decide what gets produced. | show 🗑
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| An economic system in which the government makes all decisions on the three key economic questions. | show 🗑
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| Another name for a centrally planned economy. | show 🗑
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| show | Socialism
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| A political system in which the government owns and controls all resources and means of production and makes all economic decisions. | show 🗑
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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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| The doctrine that government generally should not intervene in the marketplace. | show 🗑
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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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| A period of change in which a nation moves from one economic system to another. | show 🗑
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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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| An economic system characterized by private or coroporate ownership of capital goods. | show 🗑
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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.
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.
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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