Mr. Stickler's Liberty Christian ECON Unit 2 Test Flashcards 2021
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| show | The decision about how to use resources is based on habit or custom. (Pg. 34)
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| What is one (1) disadvantage of Traditional Economies? | show 🗑
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| show | Everyone knows which role to play in the economy. (Pg. 34)
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| List one (1) characteristic of a Command Economy. | show 🗑
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| What is one (1) disadvantage of Command Economies? | show 🗑
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| What is one (1) advantage of Command Economies? | show 🗑
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| show | Resources can be privately owned (i.e. private citizens can own the Factors of Production). (Pgs. 37 & 38)
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| What is one (1) disadvantage of Market Economies? | show 🗑
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| show | 1.) High degree of individual freedom; 2.) It adjusts gradually to change over time; 3.) There is a relatively small degree of government interference in this type of economy. (Pg. 39)
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| List one (1) characteristic of a Mixed Economy. | show 🗑
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| show | The costs for services can mean higher costs for citizens overall. (Pg. 41)
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| show | The economy provides assistance for some people who might otherwise be left out. (Pg. 40)
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| What are the seven (7) Economic & Social Goals of the U.S. economy? | show 🗑
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| List one (1) example of how goals can be resolved using trade - offs in the U.S. economy. | show 🗑
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| show | 1.) Economic Freedom; 2.) Voluntary Exchange; 3.) Private Property Rights; 4.) Profit Motive; 5.) Competition. (Pgs. 49 & 50)
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| show | It recognizes the idea that consumers are the "rulers" in a free enterprise economy. For example, when consumers choose to buy certain products over others, they "reward" producers with profits, which dictates what goods producers make. (Pg. 51)
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| What is the purpose of a "chamber of commerce"? | show 🗑
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| show | 1.) Socialist, 2.) Communist.
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| What does the term "capitalism" mean/ refer to? | show 🗑
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| show | This term refers to "an arrangement that allows buyers and sellers to come together to exchange goods and services".
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| What is one (1) example of a group of people who practice a "traditional economy" in their society. | show 🗑
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| What does the term "economic system" mean/ refer to? | show 🗑
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| show | This term refers to "the highest price that a producer can legally charge for a good or service".
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| What does the term "price floor" mean/ refer to? | show 🗑
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| What does the term "minimum wage" mean/ refer to? | show 🗑
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| show | Price floor.
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| What is one (1) thing that "price floors" result in? | show 🗑
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| show | These result in a "shortage" because consumers want to buy more of the product due to the lower price, but producers are not able to meet that level of consumer demand due to lack of capital (i.e. money).
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| What is one (1) thing that instituting a "minimum wage" CAN do to an economic system? | show 🗑
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| What does the term "limit order" mean/ refer to? | show 🗑
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| List two (2) advantage of international trade. | show 🗑
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| List two (2) disadvantages of international trade. | show 🗑
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| show | In that activity, scarcity drove value as everyone tried to trade and get as many different types of resources as they could.
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| What does the term "social security" mean/ refer to? | show 🗑
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| show | This term refers to "a rise in the general level of prices".
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| show | This term refers to an economic system in which resources are privately owned and competition is allowed to flourish with a minimum of government interference. It is NOT the same thing as "capitalism"!
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| What does the term "profit" mean/ refer to? | show 🗑
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| show | This term refers to the idea that, in a "free market economy", consumers "rule" the market by virtue of the choices that they make regarding which goods and services to buy.
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| List the four (4) roles that the U.S. government plays where economics is concerned and how do they fulfill each of these? | show 🗑
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| show | This term refers to any unregulated economic activity that occurs outside of an established economic system.
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| show | These typically develop when a system of "price floors" is instituted. People buy goods that are in high demand but are very scarce, then sell them through private economic exchanges at much higher prices than they paid.
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| show | This term refers to "an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners".
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| show | This term refers to "the ability of an individual, company, region or country to produce a good or service at a lower cost per unit than another entity that produces the same good or service".
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| How did we determine which country had an "absolute advantage" when we completed our "Gains from Trade & Comparative Advantage" problems? | show 🗑
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| show | We determined this by comparing each country's "opportunity cost" for each good on the Production Chart. The country with the lowest opportunity cost had the "comparative advantage" for that good.
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