Economics Chapter 2 Vocabulary Quiz

Questions and Answers

What is socialism?

System in which government owns and controls some factors of production

What is a market?

Mechanism through which buyers and sellers of an economic product or service come together

What is a mixed economy?

A system that has some combination of traditional, command, and market economies

What was the Great Depression?

Worst period of economic decline in U.S history, lasting from approximately 1929 to 1939 Signup and view all the answers

What is communism?

Economic and political system in which factors of production are owned and directed by the state Signup and view all the answers

What is a voucher?

A certificate used to purchase government-owned property during privatization Signup and view all the answers

What is collectivization?

A forced common ownership of factors of production Signup and view all the answers

What does capital-intensive refer to?

Requirement of large amounts of investment in relation to labor Signup and view all the answers

What is population density?

An number of people per square mile of land area Signup and view all the answers

What is the European Union (EU)?

Successor of the European coal and steel community, established in 1993 Signup and view all the answers

Study Notes

Economic Systems

Socialism: Government owns and controls some production factors.
Market: A mechanism where buyers and sellers interact to exchange products or services.
Mixed Economy: A combination of traditional, command, and market economies coexisting.

Historical Context

Great Depression: A severe economic decline in U.S. history from approximately 1929 to 1939.

Political and Economic Systems

Communism: The state owns and directs all factors of production, merging economic and political systems.
Collectivization: Involves the forced common ownership of production factors.

Economic Mechanisms

Voucher: A certificate used for purchasing government-owned property during privatization efforts.
Capital-Intensive: Refers to industries or sectors that require significant capital investment compared to labor.

Demographics and Organizations

Population Density: Measurement of the number of people living per square mile of land.
European Union (EU): Established in 1993, it succeeded the European Coal and Steel Community, promoting economic integration among member states.

Description

Test your knowledge of key vocabulary from Chapter 2 on Economic Systems and Decision Making. This quiz includes definitions of terms like socialism, market, and mixed economy to help reinforce your understanding of these concepts.