ECON_Chapter 2: Economic Systems
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53 questions
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- Q1What are the three key economic questions?what goods and services should be produced?, how should these goods and services be produced?, who consumes these goods and services?30s
- Q2Which economic concept neccesitates choices and priorities in society?scarcity30s
- Q3Which economic question is answered by basic social values and goals?who gets to consume which goods and services.30s
- Q4What are the five basic economic goals?efficiency, freedom, security and predictability, equity, growth and innovation30s
- Q5What are the four economic systems?traditional, market, command, mixed30s
- Q6Economic systemthe method used by a society to produce and distribute goods and services30s
- Q7Factor paymentsthe income people receive for supplying factors of production, such as land, labor, or capital30s
- Q8Patriotismthe love of one's own country; the passion that inspires a person to serve his or her country30s
- Q9Safety netgovernment programs that protect people experiencing unfavorable economic conditions; e.g. food stamps, social security, disability30s
- Q10Standard of livinglevel of economic prosperity30s
- Q11Traditional economyeconomic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services30s
- Q12Market economyeconomic system in which decisions on production and consumption of goods and services are based on voluntary exchanges in markets30s
- Q13Centrally planned economyeconomic system in which the central government makes all decisions on the production and consumption of goods and services30s
- Q14Command economyeconomic system in which a central authority is in command of the economy; a centrally planned economy30s
- Q15Mixed economymarket-based economic system with limited government involvement30s