Ch. 2 Economics

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Which of the following was a free market philosopher?

Adam Smith

Which of the following is a condition that most people would NOT expect the safety net of the government to provide for?
-low income
-natural disasters

low income

Which of the following is NOT characteristic of a centrally planned economy?
-each collective or factory sets its own goals
-the central government owns all land and captital
-each person is assigned a job
-the central government makes all economic decisions

each collective or factory sets its own goals

What is one of the most important advantages of a free market?

it encourages growth

What is the struggle among varioud producers for the consumer’s business called?


How could the Chinese economy be characterized?

mixed, but on the side of centrally planned

Why does even a free market economy need some government intervention?

to provide for things that the marketplace does not address

Which of the following is NOT a key economic question?
-how should these goods and services be produced
-how should it be ensured that goods and services are paid for
-what goods and services should be produced
-who consumes these goods and services

How should it be ensured that goods and services are paid for?

What is an important advantage of a free market?

if offers a wide variety of goods and services

What does the process of specialization do for an economy?

it makes it more efficient

What incentive motivates a manufacturer to sell a product?

making profits on sales

Which of the following is characteristic of a traditional economy?

Children tend to have the same jobs as their parents did

What is the product market?

the market in which households purchase the goods and services that firms produce

What incentive do manufacturers have to sell their products?

making profits on sales

In what kind of an economy does the government make all the decisions?

centrally planned

What is the purpose of competition?

to act as a regulating force in the marketplace

What is the function of an economic system?

to produce and distribute goods and services

How would the economy of Canada be likely to be characterized?

mixed, but on the side of free market

Who was the leader that introduced communism and central planning to the former Soviet Union?

Vladimir Lenin

Which of the following was a free market philosopher who was associated with limited government, laissez-faire, the invisible hand and is also known as the "Father of Economics"?

Adam Smith

______ is the doctine that states that government generally should not intervene in the marketplace


a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government is called


an expectation that ecourages people to behave in a certain ways is called

an incentive

the struggle among producers for the dollars of consumers is called


an economic system in which the central government makes all decisions on the production and consumption of goods and services is called

centrally planned economy

government programs that protext people experiencing unfavorable economic conditions is called

a safety net

the passion that inspires a person to serve his or her country is called


term economists use to describe the self- regulating nature of the marketplace is

the invisible hand

a range with no clear divisions is called

a continuum

the concentration of the productive efforts of individuals and firms on a limited number of activities is called


the financial gain made in a transaction is called


a social and political philosophy based on the beleif that democratic means should be used to evenly distribute wealth throughout a society is called


____ means requiring strict obedience to an authority, such as a dictator


an arrangement that allows buyers and sellers to exchange things is called a


a person or gorup of people living in the same residence is called a


an economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and serives is called a

traditional economy

an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market is called

free enterprise

the method used by a society to produce and distribute goods and services is called

an economic system

an industry that requires a large capital investment and that produces items used in other industries is called

heavy industry

An economic system in which a central authority is in command of the economy is called a

Command economy

The level of economic prosperity is called

The standard of living

An economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets is called a

Market economy

A ______ is a large farm that is leased from the state to groups of peasant farmers


Ones own personal gain is called


Property owned by individuals or companies, not by the government or the people as a whole is called

Private property

The income people receive for supplying factors of production such as land, labor or capital is called

Factor payments

A market-based economic system with limited government involvement is called a

Mixed economy

The market in which households purchase the goods and services that firms produce is called the

Product market

Market in which firms purchase the factors of production from households is called the

Factor market

An organization that uses resources to produce a product which then sells is called a


The power of consumers to decide what gets produced is called

Consumer sovereignty

Selling state-run firms to individuals is called


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