Podcast
Questions and Answers
Which economic system is most closely associated with the concept of laissez-faire?
Which economic system is most closely associated with the concept of laissez-faire?
- Free-market economy (correct)
- Command economy
- Planned economy
- Mixed economy
How did the New Deal policies enacted by Franklin D. Roosevelt aim to address the Great Depression?
How did the New Deal policies enacted by Franklin D. Roosevelt aim to address the Great Depression?
- By increasing government intervention and social programs. (correct)
- By promoting deregulation of the financial sector.
- By decreasing government spending to balance the budget.
- By implementing strict isolationist trade policies.
Which of the following is a primary characteristic of a command economic system?
Which of the following is a primary characteristic of a command economic system?
- Prices are determined by supply and demand.
- The government controls resources and production. (correct)
- Private individuals own the means of production.
- Competition among businesses drives innovation.
Which viewpoint did Adam Smith advocate in his economic theories?
Which viewpoint did Adam Smith advocate in his economic theories?
What is a key difference between fiscal and monetary policies?
What is a key difference between fiscal and monetary policies?
What role does privatization typically play in an economy?
What role does privatization typically play in an economy?
Which of the following best describes the impact of the Industrial Revolution on economic systems?
Which of the following best describes the impact of the Industrial Revolution on economic systems?
Which action would a central bank most likely take to combat inflation?
Which action would a central bank most likely take to combat inflation?
What was a significant factor contributing to the economic boom of the 1920s in the USA?
What was a significant factor contributing to the economic boom of the 1920s in the USA?
How does the business cycle typically progress?
How does the business cycle typically progress?
Flashcards
Free-market economy
Free-market economy
A system where economic decisions are made by individuals and businesses with minimal government intervention.
Mixed economy
Mixed economy
An economic system combining free markets and government intervention.
Command economy
Command economy
An economic system controlled by a central authority, typically the government, which makes all economic decisions.
Adam Smith
Adam Smith
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Impacts of Industrial Revolution
Impacts of Industrial Revolution
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Privatization
Privatization
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Business Cycle
Business Cycle
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The Great Depression
The Great Depression
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Keynesian economics
Keynesian economics
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Fiscal and monetary policies
Fiscal and monetary policies
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Study Notes
- The list encompasses concepts and terms to be familiar with for your Economic Systems Exam.
- The test will contain 45 multiple choice questions.
Economic Systems
- Economic spectrum includes free-market, mixed, and command economies.
- Economic values of free-market economies include laissez-faire.
- Basic purpose and beliefs of all economic systems.
- Privatization has both pros and cons.
- Free-market economies have criticisms and advantages.
Economic Thinkers
- Adam Smith and his beliefs.
- Keynesian economics
Economic Events
- Impacts of the Industrial Revolution.
- Responses to the Industrial Revolution.
- The economic boom of the 1920s in the USA.
- The Great Depression led to a movement to modern liberalism.
- Franklin D. Roosevelt introduced the New Deal; CCF in Canada.
- Business cycle knowledge is required.
- Fiscal and monetary policies understanding is needed.
- Basic understanding of interest rates and inflation and how they affect an economy.
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