Flashcards
Unit 2 Economic Quiz
Cards in this deck (24)
- 1Economic SystemAn organized way of providing for the wants/needs of cosumers
- 2SocialismA political and economic system in which the government owns and controls some factors of production
- 3Voluntary ExchangeThe act of buyers and seller freely and willingly engaging in market transactions
- 4Traditional EconomyA hands-off government that is based on ritual habit, or custom.
- 5CommunismA political and economic system in which all factors of production are controlled and owned by the state/government
- 6Private Propety Rightsa pillar of a capitalist economy - allows consumers to have sole ownership of land and property they have purchased
- 7Command EconomyAn economy that is controlled by the government - all-powerful
- 8Minimum WageThe lowest wage permitted by law or by special agreement
- 9ProfitA financial gain that happens when the revenue generated from a business activity exceeds the expenses
- 10Market EconomyAn economic system thats supply and demand... the price is decided by the consumer - hands-on
- 11Social SecurityA government system that provides monetary assistance to people with little to no income
- 12MarketA meeting place that allows buyers and sellers to come together and exchange goods
- 13InflationA general increase in prices and fall in purchasing value of money
- 14Competitionthe struggle among sellers to attract consumers
- 15CapitalismAn economic system in which private citizens own
- 16Fixed IncomeAn income that is set at a particular figure and does not change
- 17Consumer Sovereigntyconsumers determine what is made and how much of it is made
- 18Mixed Economyan economic system that has a combination of the other 3 economies - hands-on
- 19Free Enterpriseprivately owned resources and competition is allowed - there is minimal government interference
- 205 characteristics of a free enterprise system1. Economic Freedom
2. Voluntary exchange
3.Private property rights
5. Profit motive
6. competition
(think vocab - they´re all in there) - 21The role of competitionkeeps prices low and encourages people to take risks
- 22How do consumers dictate what get produced in a market economywhat the consumers want/need to buy
- 23What are the 4 types of markets and give examples of countries that they are inTraditional - Central African Tribes, Australian Aborigines
Command - North Korea & Cuba
Market - US, Japan, Great Britain
Mixed - Norway & China - 24The 7 goals of a market1. Economic Freedom
2. Economic Efficiency
3. Economic Equity (fair economic state)
4. Economic Security
5. Full Employment
6. Price Stability
7. Economic Growth
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- 12th grade economics Flashcards on Unit 2 Economic Quiz, created by Elena Shuster (Student) on 24/09/2021.
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- Elena Shuster (Student)
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