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Pierson Econ CH 2 Question Answer 1. What goods and services should be produced, how should these goods and services be produced, who consumes these goods and services are all _____ economic questions. 23-24 key 2. The function of an economic system is to _____ and _____ goods and services. 23 produce distribute 3. The method used by society to produce and distribute goods and services. 23 economic system 4. The income people receive for supplying such things as land, labor, or capital. 24 factor payments 5. "Children tend to have the same jobs as their parents did" is a characteristic of a ____ economy. 26-27 traditional 6. Which of the following is a condition that most people would NOT expect the safety net of the government to provide for? injuries, joblessness, natural disasters, low income 26 low income 7. Which of the following does a government provide as part of a safety unemployment net for the people? general elections, unemployment compensation, compensation military defense, regulation of commerce. 26 8. A level of economic prosperity 26 standard of living 9. Government programs that protect people experiencing unfavorable safety net economic conditions 26 10. An economic system that relies on habit, custom, or ritual to decide traditional economy questions of consumption and production of goods and services 26 11. In which kind of an economy does the government make all the decisions? 27 centrally planned 12. Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate? 27 traditional 13. You are an entrepreneur with an innovative idea for a new business. In which kind of economy would you have the most opportunity. 27 market 14. Markets exist to allow people to buy what they need to _____ and _____ the specialized goods and services they produce. 28 consume sell 15. What does the process of specialization do for an economy? 29 makes it more efficient 16. What incentive motivates a manufacturer to sell a product? 30-31 profit 17. The market in which households purchase the goods and services that firms produce is a _____ market. 30 product 18. Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the _____market.30 product 19. An expectation that encourages people to behave in a certain way.31 incentive 20. One's own personal gain 31 self-interest 21. a situation in which households purchase the goods and services that firms produce 30 product market 22. What incentive do manufacturers have to sell their products? 31 profit 23. The purpose of competition is to act as a _____ force in the _____. regulating marketplace 31 24. What is the motivating force behind the free market? 31 self-interest 25. What is the struggle among various producers for the consumer's business called? 31 competition 26. One of the most important advantages of a _____ market is that it encourages growth. 32 free 27. An important advantage of a free market is that it offers a wide _____ of goods and services. 32 variety 28. Which of the following goals is difficult to achieve in a pure free market system? economic efficiency, economic equity, economic freedom, economic growth. 32 economic equity 29. Of the following, who was a free market philosopher? Karl Marx, Adam Smith, Vladimir Lenin, Friedrich Engels? 33 Adam Smith 30. Which of the following is NOT characteristic of a centrally planned economy? The central government owns all land and capital, The central government makes all economic decisions, Each collective or factory sets its own goals 34-35 set goals 31. A government prints and distributes posters to inspire workers to increase their productivity. In which kind of economy does this most likely take place? weak economy, traditional economy, market economy, centrally planned economy.34 centrally 32. a philosophy based on the belief that democratic means should be socialism used to distribute wealth evenly throughout a society 35 33. requiring strict obedience to someone such as a dictator 35 authoritarian 34. A person believes that real equality can only exist when political equality is coupled with economic equality. This person believes that democratic means should be used to distribute wealth evenly throughout society. This person is a _____. socialist 35. Who was the leader that introduced communism and central planning to the former Soviet Union? 36 Lenin 36. Collectives in the Soviet Union were inefficient producers of agricultural products because farm workers had little _____ to produce incentive more or better crops. 36 37. a large Soviet farm leased from the state to groups of peasant farmers 36 collective 38. Which of the following is NOT a weakness of centrally planned job security economies? Workers lack incentives, most workers lack job security.38 39. A free market economy needs some government intervention to provide for things that the _____ does not address. 40-41 marketplace 40. A person who believed in the doctrine of laissez faire would disapprove of _____ funding of education. 41 government 41. the doctrine that government generally should not intervene in the marketplace 41 laissez faire 42. The Chinese economy could be characterized as mixed, but on the centrally side of _____ planned. 43 43. The economy of Canada could be characterized as mixed, but on the side of _____ market. 43 free 44. The economy of China is in transition. It is moving from central planning toward a _____ based system. 43 market 45. Singapore, United States, United Kingdom, Hong Kong all have mixed economies where the _____ system is dominates. 43 market 46. state-run firm to individuals 43 privatize 47. an economic system that permits the conduct of business with minimal government intervention 43 free enterprise 48. a range with no clear divisions 43 continuum 49. a period of change in an economy 43 Created by: pierson on 2013-04-17 transition To check answers go to: studystack.com type into search bar: Pierson Econ CH 2