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Economics: Economic Systems Practice Socrative Q's
Terms in this set (29)
What is an incentive? `
Something that motivates you
What is typical of a centrally planned economy?
A difference between socialism and communism
Socialism may allow some free market practices; Communism does not.
A disadvantage of central planning
Lack of economic efficiency
What did China do that led to huge economic growth?
Adopted free market policies
Private property ownership and some government regulation of the economy are basic characteristics of which economic system?
Government involvement in a modern economy is generally defended because
Governments are more able than firms to meet some needs and wants of society
Division of labor is practiced because
It increases efficiency by ensuring workers become good at specific tasks
In a Command Economy, who answers the 3 basic economic questions?
Reliance on others to produce goods and services we need is
Economic system based on supply and demand without government control is
In our class, Free Enterprise and Capitalism can be used to mean the same thing as
Communism is pretty much the same as a
Why is competition good for markets?
Competition keeps prices low and discourages waste
In a Market Economy, who owns the Factors of Production?
The profit motive drives business owners to
Make sure their firm is operating at its highest level of efficiency
An entrepreneur can BEST be characterized as someone who
Takes risks in order to acquire profits
This BEST illustrates the involvement of the U.S. government in the market today
The government requires manufacturers to issue warning that come with new microwave ovens
What describes the benefits of specialization in a free market?
Specialization leads to efficient use of capital, land, and labor.
How doe self-interest and competition affect free markets?
They work together to regulate supply, demand, and prices.
Key advantages of free market economic systems include
Economic efficiency, economic freedom, economic growth, and variety of goods.
In a free market system, the concept of consumer sovereignty means that
Consumers have the power to decide through their actions what goods and services get produced
Economic system based on supply and demand, without government control
Being able to start your own business and having lots of available goods is a benefit of
For our purpose, in this class, Communism is the same as
In a Command Economy who owns the Factors of Production?
The person who grows the rice gets the rice in a
The people who want the rice and can afford the rice get the rice in a
The government gets the rice and then decides how to distribute it in a
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