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Economics - Mr. Bono (Semester 2) > Economic Systems > Flashcards

Economic Systems Flashcards

1
Q

What are the 2 types of economics in the world?

A

Microeconomics

Macroeconomics

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2
Q

What is the study of the individuals, families, and businesses in the economy?

A

Microeconomics

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3
Q

What is the study of the economy as a whole and is concerned with large-scale economic activity?

A

Macroeconomics

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4
Q

What studies economic behavior as it is?

A

Positive Economics

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5
Q

What involves judgements of what economic behavior ought to be?

A

Normative Economics

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6
Q

What is the way a society uses its scarce resources to satisfy its people’s unlimited wants?

A

Economic System

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7
Q

What are the three basic types of economic systems?

A

Traditional Economics
Command Economics
Market Economics

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8
Q

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?

A

Traditional Economy

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9
Q

The one goal of a traditional economy is what?

A

Survival

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10
Q

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?

A

Command Economy

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11
Q

What is an economic system based on individual choice not government directives?

A

Market Economy

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12
Q

In a market economy, who decides what good or services will be offered?

A

Producers

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13
Q

In a market economy, individuals act on what when they make economic choices?

A

Self-interest

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14
Q

No other economist has had as much influence as who?

A

Adam Smith

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15
Q

Smith was born where?

A

Scotland

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16
Q

Smith studied and later taught what?

A

Literature, Logic, and Moral Philosophy

17
Q

What is a system by which a government of the homeland controlled trade with its colonies?

A

Mercantilism

18
Q

A nation would be wealthier if it engaged in what?

A

Free Trade

19
Q

A what guides the marketplace

A

Invisible hand

20
Q

Traditional economies clearly answer what?

A

Three economic questions

21
Q

What is determined by customs and traditions in traditional economies?

A

Systems of distribution

22
Q

Traditional economies resist what?

A

Change

23
Q

What is a system in which the society’s leaders usually members of the central government make all economic decisions ?

A

Centrally Planned Economy

Economics - Mr. Bono (Semester 2) (3 decks)

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