ECONOMIC SYSTEMS

Front

When it comes down to it, all economies are really..

Back

mixed

Front

In a "Command Economy" who controls the factors of production (all economic decisions)?

Back

the government

Front

Which economic system bases their economic decisions on what their people have always done in the past? Options: mixed, traditional, command, market

Back

traditional

Front

Which economic system features the individual (YOU) making the economic decisions? Options: traditional, mixed, market, command

Back

market

Front

If you spent only had $110 for end of year SR activities and chose to buy a Grad Night ticket, what is the opportunity cost of your decision?

Back

going to prom

Front

Democratic socialism is best described as...

Back

between communism and capitalism

Front

What system does the gov't have a "laissez faire" approach (hands off)? Options: communism, authoritarian socialism, democratic socialism, capitalism.

Back

capitalism

Front

Production possibilities curves illustrate __

Back

combinations of how many of 2 different products can be made

Front

According to Adam Smith, a free market economy is guided by the concept of:

Back

the "Invisible Hand"

Front

Which of these is most likely to encourage people to work, rather than stay home? Options: increase aid to the unemployed, decrease wages and benefits, increase the incentives to work, decrease work training programs

Back

increase the incentives to work