Economic Systems Flashcard BE 2.03-2.05

Front

The economic system that adopts the fewest new ideas or improvements is:

Back

traditional

Front

In a socialist economy, what determines how basic economic questions are answered?

Back

government

Front

What economy is based on public or governmental ownership of the production and distribution of goods?

Back

socialist

Front

Under which type of economy does the government own the basic means of production, but with some private ownership of businesses?

Back

socialism

Front

What is the economic basis for the private enterprise economic system?

Back

the motive of profit

Front

Which factor is a barrier to small-business and entrepreneurial success? Options: poor management, no vision for expansion, having a clear strategic vision, having a surplus of employees

Back

poor management

Front

A small business is defined as a business employing fewer than how many people?

Back

500

Front

Competition helps create a healthy society by:

Back

creating new jobs.

Front

What is the name for markets with only a few sellers, such as the markets for automobiles, pharmaceuticals, or oil?

Back

oligopolies

Front

A business decides against opening a store in the next town because its research shows the location will be unprofitable. What form of risk management is this?

Back

avoidance