Economics Ch 2 study
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 | Traditional economy
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| How do people in Traditional economy treat other families of the community | show 🗑
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| show | Everyone knows what role they play in the economy
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| What are some disadvantages of a Traditional economy | show 🗑
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| show | Central authority or government
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| What types of leaders can head up Command economy | show 🗑
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| show | Government makes all decisions, for themselves, not the people
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| How Socialist and Pure command economy differ | show 🗑
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| Only example of a Pure command economy in our world | show 🗑
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| Examples of Socialist economies | show 🗑
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| show | Can change direction drastically, allows citizens receive services they couldn't afford
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| show | Leaders provide for themselves at expense of citizens, limit citizen freedom
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| show | High government officials rich, citizens poor. Workers focus on finishing quota not quality
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| show | There is no such thing as a free lunch
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| Market economies arranged and how decisions are made | show 🗑
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| show | Freedom, right to private ownership of resources
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| show | Individual freedom, gradually changes over time, small government interference, decision making is decentralized, and variety of goods & services that are produced
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| show | Doesn't provide for everyone, high degree of uncertainty
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| What is Mixed economy and why exist | show 🗑
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| Who first outlined Communistic economics & what is the role of government | show 🗑
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| Good example of Mixed Socialistic economy | show 🗑
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| Why might dictator choose to utilize characteristics of Market economy | show 🗑
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| Challenges citizens face in countries like Cuba while living in a Mixed socialistic economy | show 🗑
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| President of Venezuela tried to make them a Command economy and why he fell short | show 🗑
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| show | Sweden, Denmark, Germany, United States, Norway, France
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| Dramatic event in US caused leaders to create Socialistic programs | show 🗑
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| show | Taxation and high cost of products
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| Which system has reached a dead end as an economic system | show 🗑
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| show | Economy became too complex & large to be managed by a single planning bureaucracy. Shortages happened, people not getting paid for work
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| Which leader attempted the Great Leap Forward and what was the outcome | show 🗑
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| Latin American country once run by socialism and isolation now revolutionized by capitalism and changes they saw | show 🗑
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| Solidarity defintion | show 🗑
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| show | Began world trade, focused on few industries, allowed people to gain experience and be skilled
Known for producing consumer & electronic goods
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| show | Focus on select industries, generous tax breaks attract people, employees trained by government-sponsors, attract multinational firms and scientists
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| show | Centralized planning process will hamper future economic growth & looming presence of the People's republic of china - regarded as renegade province
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| show | Heavy tax burden, expensive social benefits, and massive government deficits
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