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44 Cards in this Set
- Front
- Back
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Put the political-economic systems in order from the most decentralized to the most centralized?
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Capitalism, Free Enterprise
Mixed Free Enterprise Socialism Fascism Communism |
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What is the difference between scarcity and shortage?
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Scarcity will always exist, and shortage is temporally.
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How dose the market system answer how much?
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Whomever is willing to buy more of it? (Products)
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What is a Resource?
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Anything that people can use to make or obtain what they want.
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Where in the world are there traditional systems?
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Latin America, Asia, Africa
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What is a Natural Resource?
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Land and minerals deposits such as iron ore gifts from nature.
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Where in the world are there market systems?
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United States, Australia, Canada
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What is a Capital resource?
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All the property people use to make other goods and services is capital man made.
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How dose the market system answer the "what"?
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Producers provide what consumers are willing to buy.
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What is Real Cost?
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The actual materials that are used to make a product.
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Where in the world are there command systems?
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China, Cuba, Korea, Ex Soviet Union.
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What is Productive Resource?
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It is the combinations of goods and services that can be produced.
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Dose Capitalism had primarily the element of Market?
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Yes
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For what purpose do economist use real world data in building models?
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They are used for to test hypotheses and theories.
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What is the guiding principle of the market system?
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Self-interested
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What is the difference between a need and a want?
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Need is something you have to have to survive and wants are wishes and desirers.
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Dose Mixed free enterprise had primarily elements of Market and slight Command?
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Yes
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What is Scarcity?
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It means that people do not and cannot have enough income, time, or other resources to satisfy their every desire.
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How dose the market system answer the how?
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Workers and producers must compromise to make a profit.
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What is Entrepreneurship?
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The ability of individuals to start new businesses, to introduce new products and techniques, and to improve management techniques.
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What outside forces are introducing change in traditional systems?
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(Technology) contact with western nations.
(Natural disasters) climate and wars |
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What are Opportunity cost?
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The value of the next best alternative that had to be given up for the alternative that was chosen.
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Dose Communism had primarily the element of Command?
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Yes
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What are Services?
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It is the activities done for others for a fee.
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How dose the command system answer the "how much"?
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The government sets productive quotas.
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What are Capital goods?
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The machines used to produce other resources.
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How dose the command system answer the "for whom"?
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The government sets prices.
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What is Technology?
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The use of science to develop new products and new methods for producing and distributing good and services.
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What are the four components in order for a market system to work?
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Private property,
Free exchange, Profit motive Competition. |
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What are Human Resource?
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(labor)- anyone who works/human effort.
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Dose Socialism had primarily elements of Command and Market?
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Yes
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What is Tradeoff?
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It is exchanging one resource for the other resource.
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Who answers the "what" in a traditional system?
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They make whatever their ancestors made.
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What are Production possibilities?
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Are all the combinations of goods and services.
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Dose Free Enterprise had primarily element of Market?
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Yes
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What is Economics?
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The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants.
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What are the benefits of competition in a market economy?
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Consumers have more choices
Prices are lower Producers make products efficiently to make a profit |
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What is (Consumer) Goods?
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The items that people buy.
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How dose the command system answer the how?
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Government controls the who is going to work and where they will work
And how much they will work. |
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The Factors of Production are?
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a. Entrepreneurship
b. Labor c. Land d. Capital E. Technology |
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Dose Fascism had primarily elements of Command and little market?
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Yes
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What are the Factors Of Production?
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The resources of land, labor, capital and entrepreneurship.
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How dose the command system answer the what?
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whatever the government wants like what products.
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What dose a traditional system accept change more easily?
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When it dose not get in the way with cultural values.
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