Unit 2: Economic Systems

Unit 2: Economic Systems

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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15 questions

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1.

FLASHCARD QUESTION

Front

Why are public goods important for society?

Back

They ensure equal access to essential resources and services

2.

FLASHCARD QUESTION

Front

How might cultural factors influence economic behavior in a society?

Back

Cultural values may shape individuals' attitudes towards work, consumption, and saving.

3.

FLASHCARD QUESTION

Front

How does an increase in consumer spending affect the two-factor circular flow model?

Back

It stimulates economic activity by increasing business revenue, prompting firms to hire more factors of production.

4.

FLASHCARD QUESTION

Front

Portion of the Circular Flow model indicated: Households, Firms, Factors of Production Market, Goods and Services Market, Flow of Money

Media Image

Back

Households

5.

FLASHCARD QUESTION

Front

Select the portion of the Circular Flow model indicated: Firms, Households, Factors of Production Market, Goods and Services Market, Flow of Money

Media Image

Back

Firms

6.

FLASHCARD QUESTION

Front

Select the portion of the Circular Flow model indicated: Goods and Services Market, Firms, Households, Factors of Production Market, Flow of Money

Media Image

Back

Factors of Production Market

7.

FLASHCARD QUESTION

Front

What is the main characteristic of a command economy?

Back

The government has complete control over the allocation of resources.

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