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UNIT 2 TEST 2021 Test

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1.
List one (1) characteristic of a Mixed Economy.
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2.
In the "international trade" activity that we did in class, what "drove" value?
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3.
What does the term "free enterprise" mean/ refer to?
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4.
What is one (1) example of a group of people who practice a "traditional economy" in their society.
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5.
How do "Black Markets" typically develop?
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6.
What does the term "comparative advantage" mean/ refer to?
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7.
List one (1) disadvantage of a Mixed Economy.
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8.
What does the term "price floor" mean/ refer to?
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9.
What does the term "Black Market" mean/ refer to?
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10.
List two (2) political systems that are characterized by having a "Mixed Economy".
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11.
What is one (1) thing that "price ceilings" result in?
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12.
What does the term "minimum wage" mean/ refer to?
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13.
What does the term "absolute advantage" mean/ refer to?
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14.
What does the term "capitalism" mean/ refer to?
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15.
What does the term "consumer sovereignty" mean/ refer to?
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16.
List two (2) disadvantages of international trade.
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17.
What is one (1) disadvantage of Traditional Economies?
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18.
What are the seven (7) Economic & Social Goals of the U.S. economy?
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19.
What does the term "limit order" mean/ refer to?
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20.
What does the term "economic system" mean/ refer to?
A.
1.) government & tradition answer some of the questions of WHAT, HOW, and FOR WHOM. (Pgs. 39 & 40)
B.
This term refers to "an economic system where private citizens own the factors of production".
C.
In that activity, scarcity drove value as everyone tried to trade and get as many different types of resources as they could.
D.
1.) Socialist, 2.) Communist.
E.
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).
F.
New ideas are discouraged (i.e. there is very little innovation). (Pg. 35)
G.
This term refers to any unregulated economic activity that occurs outside of an established economic system.
H.
This term refers to "the lowest price that a producer can legally charge for a good or a service".
I.
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".
J.
1.) Can lead to slightly higher prices for goods as producers pass on the cost of shipping goods to their customers; 2.) Larger (1st world) countries have more power and tend to dictate things such as value.
K.
One example of this are the Aborigines from Australia.
L.
This term refers to "the lowest legal wage that can be paid to most workers".
M.
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.
N.
1.) Economic Freedom; 2.) Economic Efficiency; 3.) Economic Equity; 4.) Economic Security; 5.) Full Employment; 6.) Price Stability; & 7.) Economic Growth. (Pgs. 44 & 45)
O.
This term refers to "an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners".
P.
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.
Q.
This is the term for "an order to buy or sell a stock at a specific price or better".
R.
The costs for services can mean higher costs for citizens overall. (Pg. 41)
S.
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"!
T.
This term refers to "an organized way of providing for the wants and needs of (a society's) people".
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21.
Complete the following sentence: "Minimum wage is an example of a ________________________________."

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