Business Economics Chapter 2 Review

_ is the way a society uses its scarce resources to satisfy its people's unlimited wants.

• Economic System

• Scarcity

• Command Economy

• Factor Market

Which of the following is NOT one of the types of Economic Systems?

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

• Combined Economy

_ is an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.

• Command Economy

• Mixed Economy

• Stable Economy

• Traditional Economy

A system in which the society's leaders, usually members of the central government, make all economic decisions is called a(n) _

• centrally planned economy

• socialist government

• communist government

• command economy

Which of the following systems may have at least some private ownership of property? SELECT ALL THAT APPLY

• Mixed Economy

• Market Economy

• Communist System

• Authoritarian System

• Socialist System

_ is an economic system in which the government owns all the factors of production and there is little or no political freedom.

• Socialism

• Communism

• Capitalism

• Centrally planned economy

Which of the following is a benefit of a command economy? SELECT ALL THAT APPLY

• Political Freedom

• Economic Freedom

• Provide for the poor, sick, elderly, etc. through government programs

• Production efficiency

• Centrally planned decisions

The rights of individuals and groups to own property is called _

• economic freedom

• market economy

• private property rights

• consumer sovereignty

Which of the following is NOT a key feature of Market Economies?

• Private Property & Markets

• Trade Regulation

• Voluntary Exchange

• Competition

A trade in which the parties involved anticipate that the benefits will outweigh the cost is called _

• consumer sovereignty

• voluntary exchange

• market trades

• profit