Comparative Economic Systems – Flashcards
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In the free-enterprise system of the United States, the government
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makes some economic decisions.
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Economic patterns help economists make forecasts, which are also called ________.
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predictions
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Which situation best reflects the concept of free enterprise?
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Consumers have a choice between two bakeries in a single city block.
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New technology in ______ allows producers to use materials from all over the world to manufacture goods.
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shipping
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How do economists use data? Check all that apply.
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1 & 4
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A pure market economy is sometimes called pure _________.
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capitalism
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In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of
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creating an innovative product.
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What are some ways to address unemployment in a market economy? CHECK ALL THAT APPLY.
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1, 3, & 5
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What role do government agencies play in a mixed market economy?
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They regulate some aspects of production and distribution.
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"Everyone's rights should be protected" is an argument
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for regulation.
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This graph could help the US government
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make an economic prediction.
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In a republic, elected officials create _______ to regulate the economy.
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laws
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The proper style for an argumentative essay is _____.
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formal
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The government has the right to own all land, buildings, and factories in a
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command economy.
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What are the cons of a mixed market economy for most citizens? CHECK ALL THAT APPLY.
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1, 3, 4, & 6
