Study sets, textbooks, questions
Upgrade to remove ads
ECON REG CH 2
Terms in this set (50)
System in which economic activity is the result of ritual, habit or custom
Organized procedure for allocation resources and producing and distributing goods and services in a society
Economic systems in which a central authority makes the major economic decisions
Economic systems in which economic activity is driven by supply, demand and the price system
Economic system in which private citizens own and use resources to make a profit
Conversion of state owned property to individual ownernship
Comprehensive, centralized economic strategy for achieving rapid industrialization, used by the SU and China
Five Year Plan
A Chinese strategy used to quickly revolutionize industrial and agriculture production
great leap forward
economic shift from the private ownership to government ownership
Economic sector in which goods and services are sold illegally
The Black Market
Forced common ownership of factors of production
Worst period of economic decline in US History, lasted from approximately 1929 to 1939
The Great Depression
Requiring large amounts of investment in relation to labor
Economic and political system in which factors of production owned and directed by the state
number of people per square mile of land area
Successor of the European Coal and Steel community established in 1993
European Union EU
System in which the government owns and controls some factors of production
System that has come combination of traditional, command, and market economies
Mechanism through which buyers and sellers of an economic product or service come together
Certificate used to purchase government owned property during privatization
Which of these statements describes a disadvantage of a traditional economy
New ways of doing things are discouraged
Which of these economic systems have the least in common
Command economy and capitalism
Which of these stamements is descriptive of a market economy
Major economic decisions are made by individuals, not for them
in which of these systems is the government most likely to provide people with goods and services they could not otherwise afford?
A socialist economy
Which of these helps explain why mixed economies develop?
People become unhappy with aspects of their current economy
Which of these countries has an economy most similar to that of the former SU
Which of the following is a feature of a command economy that distinguishes it form a socialist economy
all production is managed by the government
In a transitioning economy, why would privatization tend to raise a nation's overall standard of living?
people are more likely to be productive when it benefits them personally
Which of following is a cause of struggle in the process of privatization?
People must adjust to the cost and risks that are part of capitalism
Which of these is the most striking example of the cost and risks of pure capitalism
The great depression
How are economic transactions shaped in a traditional economy?
Elders and ancestors make certain that things are done in specific ways
Which of the following places economic systems in order from least to most flexible
Command, socialism, free market
Which of the following could raise the cost of production in a command economy?
Large and inefficient bureaucracy
Which of these is a major advantage of a market Economy?
There is a high degree of individual freedom
Which type of economy is most prevalent in the world today?
Which of the following is the best description of the economic system of Cuba?
It is a command economy with a strong central authority
Which of the following explains why products made under a command economy are more likely to be low quality
The worker who make them have little incentive to make them work well
Which of the following represents a place where the transition to capitalism is nearly complete but far from fully effective?
Which of the following is a feature of Japaneses capitalism that would be illegal in the untied states
Which nation today is the most striking example of successful privatization?
Societies embrace various economic systems to deal with the problem of:
Which statement describes a disadvantage of a command economy?
Nothing stops the government from producing things that people don't need or watn
How is the principle of 'There's no such thing as a free lunch' illustrated in a socialist economy
Socialist economies tend to offer extensive government services but have high tax rate
what kind of economy offers uniformity in wages regardless of the occupation or individual
A society in which the working class is motivated by financial incentives
Which of the statements best describes the communist ideal
A classless society in which everyone works fo the common godo
Who did Karl Marx believe would be the beneficiaries of socialism
How was Inuit hunter Rewarded for his skill as a hunter
He received the fist cuts from a successful hunt
Which of the following are disadvantages of communist economies?
E all of the answers
Who is the author of the Communist Manifesto and Das Kapital
Which of theses nations was known as the socialist country that works
Sets found in the same folder
Economics chapter 3 review
Study Guide: Economics Chapter 1
Chapter 7 economics
Sets with similar terms
Chap 2 Economics
Economics Chapter 2
ch 2 economics
Economics Chapter 1
Other sets by this creator
Viruses and Vaccines
Plants and soils
Molecules of life, Nutrition & Diet
Other Quizlet sets
RE National Exam
COAD 6414- Unit 4 Quiz
224 Chap 19 Clinical Questions