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Econ 2 Test

Enter the letter for the matching Answer
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1.
How is the economic system in China today different from the one in the Soviet Union?
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2.
Factor payments
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3.
Why does a socialist society have a more flexible command economy than a communist society?
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4.
Goal:Economic Growth
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5.
Participants in free market economy
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6.
Competition
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7.
Self interest
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8.
Economic Goal:Efficiency
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9.
Economic Goal:Freedom
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10.
Standard of living
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11.
Traditional Economy
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12.
In a free market economy, who owns the factors of production?
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13.
Factor market
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14.
Economic System
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15.
Command economies
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16.
Economic transition
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17.
Product market
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18.
Communism
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19.
What does Adam Smith mean by the invisible hand?
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20.
Economic Goal:Security
A.
Another name for centrally planned economy-
B.
Period of change in which an economy moves from one economic system to another
C.
Income people receive in return for supplying factors of production (land,labor,capital)
D.
Oldest and simplest, relies on habit, custom, or ritual to answer the three key economic questions-revolves around the family
E.
Structure of methods and principles society uses to produce and distribute goods and services
F.
The freedom to buy what we can pay for, to seek work where we want, to own property, and to become entrepreneurs.
G.
China allows more economic freedom
H.
Deliver the right goods in the right quanity to the right people
I.
Arena of exchange in which households purchase goods and services from firms
J.
A marketplace that operates efficiently where self interest and competition work together to regulate the marketplace
K.
Must grow with nations population so it can provide hobs for new people joining the work force
L.
Arena of exchange in which firms purchase the factors of production from households
M.
Individuals
N.
Socialists have some free market practices with their central economics plan; communist societies do not.
O.
Regulating force - Struggle among producers for the dollars of consumers
P.
An individual's own personal gain-the motivating force in the free market-the push that leads people to act
Q.
Level of economic prosperity
R.
Central government owns and controls all resources and means of production and makes all economic decisions
S.
households and firms
T.
Goods and services will be available when they are needed and paychecks will be received on time
Type the Question that corresponds to the displayed Answer.
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21.
Choices made by individuals determine what gets made, how it is made, and how much people can consume of the goods and services produced. Individuals and businesses make their own decisions on what to buy and sell.
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22.
Property owned by individuals or businesses
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23.
The selling of state run firms which are then allowed to compete in the marketplace
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24.
Set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries, or natural disasters plus a base income for the elderly
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25.
Wrote the book "The Wealth of Nations" that described how markets function
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26.
Process of bringing new methods, products, or ideas into use
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27.
Government rather than individuals producers and consumers answers the key economic questions of what to produce, how to produce it, and who gets it
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28.
Coined by Adam Smith to describe the self-regulating nature of the marketplace in a free market economy
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29.
Person or group of people living in a single residence
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30.
Government should not interfere in the economy

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