Flashcards About Econ chapter 2
27 test answers
Unlock all answers in this set
Unlock answers 27question
Continuum
answer
Line with no clear divisions
Unlock the answer
question
Under communism workers fail to increase production because they lack a
answer
Incentive
Unlock the answer
question
Households purchase goods and services in the __ market
answer
Product
Unlock the answer
question
Government makes limited intervention under free ____
answer
Enterprise
Unlock the answer
question
An economy controlled by the government is
answer
Centrally planned
Unlock the answer
question
The philosophy advocating equal distribution of wealth
answer
Socialism
Unlock the answer
question
The power of insinuates ro decide what gets produced is ____
answer
Consumer sovereignty
Unlock the answer
question
Income people receive for supplying land labor or capital is called
answer
Factor payments
Unlock the answer
question
What are the three economic questions
answer
What gods and services should be produced How should they be produced Who consumer then
Unlock the answer
question
Economic concept necessitating choices and priorities in any society
answer
Scarcity due to limited resources
Unlock the answer
question
Economic question answered by basic social values and goals
answer
Who consumes
Unlock the answer
question
Five basic economic goals guiding society's choice of systems
answer
Efficiency, freedom, security and predictability, equity, growth and innovation
Unlock the answer
question
Four types of economic s
answer
Market comment traditional mixed
Unlock the answer
question
A system to protect people experiencing unfavorable economic conditions
answer
Safety net
Unlock the answer
question
Economic decisions are based on exchange or trade
answer
Market Econ
Unlock the answer
question
Method used by a society to produce and distribute its goods and services
answer
Economic system.m
Unlock the answer
question
Concentration of the productive efforts of individuals and firms on a limited number of activities
answer
Specialization
Unlock the answer
question
Self regulation of the market place
answer
Invisible hand
Unlock the answer
question
Requiring strict obedience to an authority
answer
Authoritarian
Unlock the answer
question
A large Soviet farm leased by the state to groups of peasant farmers
answer
Collective in
Unlock the answer
question
Requires a large capital Investment and produces items used by other
answer
Heavy industry
Unlock the answer
question
Product markets the houses buy from stores factor markets the firms buy
answer
The difference between product market and factor market
Unlock the answer
question
The prices firms sell their products for end up being close to the price they're produced for
answer
What did Adam smit mean by the invisible hand of the marketplace
Unlock the answer
