Econ Ch 2 Study Aide

Front

One fundamental of a MARKET economy is

Back

Consumer sovereignty

Front

The financial gain that a seller makes from a business transaction is called

Back

Profit

Front

"Little disagreement over economic goals" is an advantage of a which economic system?

Back

Traditional Economy

Front

The government dictates economic choices in a

Back

Command Economy

Front

Consumers and producers drive the economy in a

Back

Market Economy

Front

Which of the following is a disadvantage of a COMMAND economy: Set prices ensure high standard of living, Seek to provide for everyone (Sick, old), Resources used to make needed items regardless of profit, Set wages mean no motive to improve productivity?

Back

Set wages mean no motive to improve productivity

Front

Of the following countries with a mixed economy, which leans the most towards socialism? France, United States, Sweden, Namibia

Back

Sweden

Front

Between 1867 and 1894, Karl Marx published his economic ideas in a 3-Volume study called

Back

Das Kapital

Front

The government owns some, but not all, factors of production in a(n)

Back

Socialist System

Front

An advantage of a PURE MARKET economy is that it

Back

Allows local communities to set their own economic development