Flashcards in Economic Systems Deck (23):
What are the 2 types of economics in the world?
What is the study of the individuals, families, and businesses in the economy?
What is the study of the economy as a whole and is concerned with large-scale economic activity?
What studies economic behavior as it is?
What involves judgements of what economic behavior ought to be?
What is the way a society uses its scarce resources to satisfy its people's unlimited wants?
What are the three basic types of economic systems?
What is an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation?
The one goal of a traditional economy is what?
What is an economic system in which the government decides what goods and services will be produced, how they will be produced, and how they will be distributed?
What is an economic system based on individual choice not government directives?
In a market economy, who decides what good or services will be offered?
In a market economy, individuals act on what when they make economic choices?
No other economist has had as much influence as who?
Smith was born where?
Smith studied and later taught what?
Literature, Logic, and Moral Philosophy
What is a system by which a government of the homeland controlled trade with its colonies?
A nation would be wealthier if it engaged in what?
A what guides the marketplace
Traditional economies clearly answer what?
Three economic questions
What is determined by customs and traditions in traditional economies?
Systems of distribution
Traditional economies resist what?