Economics Chapter 2-3

Which type of economy has private property, consumer sovereignty, individual choice, profit, and no government involvement?

• traditional economy
• command economy
• free market economy
• mixed economy

Name a country that has a command economy.

• United States
• Great Britain
• Germany
• N. Korea

Name a country that has a free market economy.

• United States
• Cuba
• N. Korea 
• Russia

What type of economy has a private and public sector, the characteristics of a free market, and is the most common economic system today?

• Free Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economic system bases its decisions on custom and historical precedent?

• Free Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economy would the Native American Indians have had?

• Command
• Mixed
• Market
• Traditional

What happens in the product market? 

• Income is received for supplying land, labor, or capital.
• Governments collect taxes from firms and consumers.
• Firms purchase the factors of production from households.
• Households purchase the goods and services that firms produce.

Allows the government to take private property for public use.

• public interest
• eminent domain
• government takey your stuffy
• none of 'em

Pattern of economic growth and decline.

• stock market
• business cycle
• ebb and flow model
• roller coaster

Someone who benefits without paying for a good or service.

• free loader
• free rider
• freedom fighter 
• free fallin'