In a market system markets and prices...

determine resource allocation and guide economic decisions.

In a market system each participant...

acts in their own self-interest

act solely for the benefit of others

In a command economy economic activity is...

controlled by the government through central planning

What is central planning?

Central planning is an economic system where the government makes all decisions about production and distribution.

Central planning is an economic model based on free market principles.

Central planning is a system where private companies control production.

Central planning allows consumers to dictate production choices.

What are the characteristics of private property in a Market System?

Encourages investment, innovation, exchange of assets, maintenance of property, and economic growth

Allows mutually profitable transactions

Individual ownership allows you to do whatever with the property

Extend rights to intellectual property

What does freedom of enterprise mean?

The right to engage in business activities and make economic decisions without undue restrictions.

The ability to choose any job regardless of qualifications.

The right to own property without any regulations.

The freedom to operate a business only in specific industries.

What does freedom of choice mean?

Freedom of choice means the ability to make one's own decisions without external constraints.

Making decisions based solely on external influences.

The ability to choose only from a limited set of options.

Having no say in the decision-making process.

Under freedom of choice owners...

owners utilize their resources however they want

owners must follow government regulations

owners have limited rights over their assets

owners cannot sell their property

owners have autonomy over their property decisions

Under freedom of choice workers...

can choose their jobs, working conditions, and location freely.

cannot negotiate their salaries.

must accept any job offered to them.

are restricted to government jobs only.

Under freedom of choice consumers...

make choices based on market trends.

make choices solely based on price.

make choices influenced by advertising.

As each person in a market system tries to maximize profits, income, satisfaction...

The entire economy will benefit.

Demand and Supply will increase.

Market participants aim to create monopolies.

Market participants focus solely on reducing costs.

Large numbers of sellers means...

Increased competition in the market.

Less variety in products available.

Higher profit margins for individual sellers.

Large numbers of buyers means...

One buyer cannot control the entire market.

Decreased competition in the market.

What does ingress/egress mean?

Ingress means entering; egress means exiting.

Ingress refers to a type of software; egress refers to hardware.

Ingress is a term used in networking; egress is about data storage.

Ingress means to exit; egress means to enter.

A market system conveys the decisions...

Of millions of buyers and sellers as opposed to a command system.

The regulation of government policies.

The creation of new markets and businesses.

The distribution of wealth among citizens.

A market is a place or mechanism where buyers and sellers meet to exchange goods and services.

A market is a type of financial investment.

A market is a government-controlled pricing system.

A market is a place where only services are sold.

What is capital accumulation?

Capital accumulation is the growth of capital assets through investment and savings.

Capital accumulation refers to the distribution of wealth among individuals.

Capital accumulation is the reduction of debt over time.

Capital accumulation is the process of spending all available resources.

How does advanced technology and capital goods promote efficiency and greater output?

We tend to copy what is successful.

Capital goods decrease production speed and quality.

Advanced technology increases manual labor requirements.

Automation leads to higher operational costs.

What is specialization?

Specialization is the process of focusing on a specific area of expertise or task.

Specialization is the act of generalizing skills across multiple fields.

Specialization refers to the ability to multitask effectively.

Specialization is the process of avoiding any specific area of focus.

What is geographic specialization?

Geographic specialization is the focus of specific regions on producing particular goods or services.

Geographic specialization refers to the study of climate patterns in different regions.

Geographic specialization is the practice of relocating businesses to urban areas.

Geographic specialization means the distribution of population across various countries.

Bartering is the exchange of goods or services directly for other goods or services without using money.

Bartering is a form of currency exchange.

Bartering involves selling goods for cash.

Bartering is the process of donating goods to charity.

When does barter become insignificant?

When a monetary system is established.

When technology advances significantly.

When trade agreements are established.

What is the coincidence of wants?

The coincidence of wants is a situation in barter where two parties each want what the other has.

A scenario where both parties are indifferent to each other's goods.

A method of trading that involves currency exchange.

A situation where one party has all the goods and the other has none.

What are the shortcomings of a market system?

Overproduce things we don't want

Not have enough resources to produce things

Incorporate too many businesses

What goods and services will be produced?

Services that are too expensive to produce

Goods that cannot be produced efficiently

What are the Five Fundamental Questions in Macroeconomics?

1. What to produce? 2. How to produce? 3. For whom to produce? 4. How will the system accommodate change? 5. How will the system promote progress?

1. Where to produce? 2. How to produce? 3. For whom to produce? 4. How much to produce? 5. How to allocate resources?

When to produce? 1. What to produce? 2. How to produce? 3. For whom to produce? 4. How much to produce? 5. How to allocate resources?

1. What to produce? 2. How to produce? 3. For whom to produce? 4. How much to produce? 5. How to allocate resources?

What is creative destruction?

Creative destruction refers to the process of innovation that displaces older technologies and businesses, driving economic growth.

A theory that promotes stagnation in the economy

A method of preserving traditional businesses

A strategy for reducing competition

What is the "invisible hand"?

The 'invisible hand' refers to the unseen forces that drive free market economies, guiding resources to their most efficient uses.

A metaphor for the role of advertising in consumer behavior.

A concept that suggests all markets are always perfectly efficient.

A term used to describe government intervention in the economy.

What happens to businesses and households in resource markets?

Businesses buy resources and households sell resources.

Businesses only provide resources to households.

Households acquire resources to produce goods and services.

Businesses and households do not interact in resource markets.

Macro Chapter 2

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Macro Chapter 2

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12th Grade

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Practice Problem

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Easy

Addison Ceritelli

Used 4+ times

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66 questions

Show all answers

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the economic systems?

Capitalist Economy

Market System

Mixed System

Command Economy

Socialist System

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is known as the father of economics?

John Maynard Keynes

Milton Friedman

Adam Smith

David Ricardo

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who created the Wealth of Nations?

John Locke

Karl Marx

Adam Smith

David Hume

Karl Marx

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who wrote Communist Manifesto?

Joseph Stalin

Karl Marx

Vladimir Lenin

Leon Trotsky

Adam Smith

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who wrote Das Kapital?

Friedrich Engels

Karl Marx

Max Weber

Adam Smith

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the two main ways in which economic systems differ?

What government is enforced?

Who controls the people?

What is the method used to coordinate economic activity?

Who owns Factors of Production

What is the hierarchy between the rich and poor?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market system there is _ ownership of _

private ownership of resources

collective ownership of assets

public ownership of resources

government ownership of property

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Macro Chapter 2

66 questions

What are the economic systems?

Who is known as the father of economics?

Who created the Wealth of Nations?

Who wrote Communist Manifesto?

Who wrote Das Kapital?

What are the two main ways in which economic systems differ?

In a market system there is ___ ownership of ___

In a command system there is ___ ownership of ___

In a market system markets and prices...

In a market system each participant...

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In a market system there is _ ownership of _

In a command system there is _ ownership of _