Econ Chapter 2 - Introduction to Economic Systems
Quiz by Pastor Barrett
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20 questions
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- Q1The way a society uses resources to satisfy its people's wants.Economic System30s
- Q2An economic system in which individual choice and voluntary exchange direct economic decisions.Market Economy30s
- Q3An economic system in which people produce and distribute goods according to customs handed down from generation to generation.Traditional Economy30s
- Q4An economic system in which the government owns ALL the factors of production and there is little or no political freedom.Communism30s
- Q5A system in which central government officials make all economic decisions.Centrally planned economy30s
- Q6Systems that require absolute obedience to those in power.Authoritarian30s
- Q7An economic system in which the government makes all economic decisions.Command Economy30s
- Q8An economic system in which the government owns SOME or all of the factors of production.Socialism30s
- Q9The rights of individuals and groups to own businesses and resources.Private Property Rights30s
- Q10An economic system that is based on private ownership of the factors of production.Capitalism30s
- Q11The principle that the government should not interfere in the marketplace.Laissez Faire30s
- Q12A trade in which both traders believe that what they are getting is worth more than what they are giving up.Voluntary exchange30s
- Q13Any place where people buy and sell goods and services.Market30s
- Q14A situation in which people concentrate their efforts in the activities that they do best.Specialization30s
- Q15Involves all the actions sellers, acting independently, do to get buyers to purchase their products.Competition30s