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CCHS, Econ. Test 2

Chapter #2

QuestionAnswer
Name the economic system that is based on rituals and customs. Give an example of this economic system. The traditional economic system is based on rituals and customs. Examples of this include Amish, farming, and feudalistic societies.
This economic system is one in which the government has complete control. In this system, the government decides what to produce, how to produce it, and for whom to produce. This is the command economic system (Hint: the government 'commands' the people.)
This economic system is one in which buyers and sellers decide on goods. The government is not involved. This is the market economy. The consumer's actions determine what is produced, how it is produced, and for whom products should be produced.
Which two economic systems are consumer driven (i.e. the consumer's actions determine what to produce, how to produce it, and for whom to produce? The market economic system and the mixed economic system are consumer driven.
Which economic system is based on immediate (basic survival) needs? The traditional economic system is based on basic survival needs.
Give an example of a country that operates as a command economy. North Korea and Cuba
Which economic system is one in which the producer and consumer determine what is produced, how it is produced and for whom it is produced, but it does have some government involvement as well. Mixed economic system
USA, Canada, and China are part of which economic system? They are part of a mixed economic system.
Name an advantage of a market economy. There is a high profit motive; a chance to move up; efficient use of resources; economic freedom; no government involvement
Name an advantage of a mixed economy. There is some government regulation; a chance to move up; efficient use of resources; economic freedom
Name an advantage of a traditional economy. Everyone has a job; there is stability
Name an advantage of a command economy. There is economic equality; Public goods and services are provided by the government; there is stability; everyone is employed
Name a disadvantage of a mixed economy. There is no guaranteed, full employment.
Name a disadvantage of a market economy. There are no government provided goods and services; there is scarcity; there is no job security.
Which economic system describes the United States. While the media refers to the US as a market economy, the US is closer to a mixed economic system. *There is no true example of a market economy.
Name a disadvantage of a traditional economy. There is no economic growth and no advancement.
Name a disadvantage of a command economy. There is no economic freedom; everyone gets paid the same; there are no innovations; the consumer does not determine what is bought and sold (government controls this).
This is the term that describes that people make decisions and take certain action BECAUSE of money. Profit motive
What are private property rights? These are the rights that allow one to own and maintain his/her property as he/she wishes.
What is competition? This is the struggle between sellers to attract buyers while lowering the price of goods and services.
What is the term that describes the way in which people freely and willingly engage in market transactions? Voluntary exchange
What is economic freedom? Economic freedom is the choice to buy and sell what one wishes.
Which term describes using resources wisely? Economic efficiency
What is the term that describes when everyone that wants a job they have a job.? Full employment
What is economic growth? Economic growth is when there is an increase in production and an increase in money.
This is when the consumer is the one who decides what goods and services to provide. This is consumer sovereignty.
Created by: khanchett
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