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Econ Chapter 2 - Introduction to Economic Systems

Quiz by Pastor Barrett

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20 questions
Show answers
  • Q1
    The way a society uses resources to satisfy its people's wants.
    Economic System
    30s
  • Q2
    An economic system in which individual choice and voluntary exchange direct economic decisions.
    Market Economy
    30s
  • Q3
    An economic system in which people produce and distribute goods according to customs handed down from generation to generation.
    Traditional Economy
    30s
  • Q4
    An economic system in which the government owns ALL the factors of production and there is little or no political freedom.
    Communism
    30s
  • Q5
    A system in which central government officials make all economic decisions.
    Centrally planned economy
    30s
  • Q6
    Systems that require absolute obedience to those in power.
    Authoritarian
    30s
  • Q7
    An economic system in which the government makes all economic decisions.
    Command Economy
    30s
  • Q8
    An economic system in which the government owns SOME or all of the factors of production.
    Socialism
    30s
  • Q9
    The rights of individuals and groups to own businesses and resources.
    Private Property Rights
    30s
  • Q10
    An economic system that is based on private ownership of the factors of production.
    Capitalism
    30s
  • Q11
    The principle that the government should not interfere in the marketplace.
    Laissez Faire
    30s
  • Q12
    A trade in which both traders believe that what they are getting is worth more than what they are giving up.
    Voluntary exchange
    30s
  • Q13
    Any place where people buy and sell goods and services.
    Market
    30s
  • Q14
    A situation in which people concentrate their efforts in the activities that they do best.
    Specialization
    30s
  • Q15
    Involves all the actions sellers, acting independently, do to get buyers to purchase their products.
    Competition
    30s

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