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Gov Ch 26 Review
Economic Systems
| Question | Answer |
|---|---|
| What is the condition of a society not having all the resources it wants? | scarcity |
| Which economic "ism" is a free enterprise system? | capitalism |
| What are the different types of economic systems in relation to how economic decisions are made? | Traditional, Market, and Command Systems |
| What do we call all resources of an economic system? | factors of production |
| What economic system relies on a central authority making economic decisions? | command economy |
| Which economic system allows buyers and sellers to act in their own interest? | market economy |
| What do we call the difference in the amount of money a business costs versus the money it takes in? (assuming the costs are lower than the money taken in) | profit |
| What do call the sum of a nation's goods and services? | gross national product |
| Which economic system does the PRESENT Chinese economy fall under? | free market |
| What were the two types of Soviet farms? | state farms and collective farms |
| What did bureaucratic control of the Soviet economy cause? | stagnation |
| Why has China developed so rapidly? | a large labor force |
| What do we call a risk-taker who starts a business to make a profit? | entrepreneur |
| What do we call states with little or no industry | developing nations |
| What international free trade agreement is now called the WTO? | GATT |
| What is a criticism of socialism? | could lead to dependency on a welfare state |
| What is the world's largest unified market? | EU |
| What do we call limits on imports? | quotas |
| What do we call collective agricultural communes in Israel? | kibbutzim |
| What kind of planning does a government-controlled economy have? | centralized planning |
| What kind of factor of production does copper or iron fall under? | land |
| What kind of factor of production does money and machinery fall under? | capital |
| Which type of economic system is associated with nationalization? | socialism |
| What factors weakened African economies in the 1970s? | droughts, overpopulation, falling world prices |
| What is the goal of trade agreements? | to promote free trade |
| What economic system relies on habit and custom to dicate rules for economic activity? | traditional economy |
| What are students who began the Food from the Hood to raise money for the community an example of? | entrepreneurs |
| What do you have when there is only one seller of a product or service? | a monopoly |
| What economic system has a government that owns all factors of production? | communism |
| What economic system has a government that owns SOME factors of production? | socialism |
| What do we call states that have had recent signficant industrial growth? | newly developed nations |
| What do we call it when a government takes over an industry? | nationalization |
| How does globalization challenge the American economy? | It increases job competition |
| What put an end to the Soviet Union? | Some Soviet Republics declared independence |
| Why were Soviet state farms unproductive? | farmers had little incentive to produce |
| What do we call the policy of using trade barriers to protect domestic industries from foreign competition? | Protectionism |
| How do economists measure a nation's performance in the global economy? | By studying its balance of trade |
| What do we call selling products in another country below the cost to produce in order to drive competitors out of the market? | dumping |
| This principle states each country should produce those things it produces most efficiently and purchase other things from other nations. | comparative advantage |
| Why did China switch from a command to a market economy? | So they could compete economically |
| Soviet farms that are owned by the government but are rented to families are known as this. | collective farms |
| The U.S. has influenced other countries to follow this type of economic system and this type of political system. | market economy and democracy |
Created by:
Mr McNair
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