Economics Flashcards: Three Questions

What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?

Scarcity

Who consumes which goods and services?

<p>Efficiency, freedom, security and predictability, equity, and growth innovation.</p> Signup and view all the answers

<p>Traditional, market, centrally planned, and mixed.</p> Signup and view all the answers

<p>Factors of production.</p> Signup and view all the answers

<p>Land, labor, and capital.</p> Signup and view all the answers

<p>They use resources to produce products and then sell them.</p> Signup and view all the answers

<p>Self-interest.</p> Signup and view all the answers

<p>Competition.</p> Signup and view all the answers

<p>Building national power and prestige.</p> Signup and view all the answers

<p>Control land, labor, and capital; decide what, how much, and how to produce and distribute goods and services.</p> Signup and view all the answers

<p>National defense, roads and highway systems, conservation, environmental protection.</p> Signup and view all the answers

<p>Education, health care, employment, mass transit.</p> Signup and view all the answers

<p>Authoritarian.</p> Signup and view all the answers

<p>Central planning, and one quarter of all enterprises are at least partly owned by individuals.</p> Signup and view all the answers

<p>Hong Kong.</p> Signup and view all the answers

<p>As a special administrative region of China, Hong Kong is allowed to continue under the free economic system introduced during British rule.</p> Signup and view all the answers

<p>An economic system in which the central government makes all decisions on the production and consumption of goods and services.</p> Signup and view all the answers

<p>An economic system in which the central government makes all decisions on the production and consumption of goods and services.</p> Signup and view all the answers

<p>The method used by a society to produce and distribute goods and services.</p> Signup and view all the answers

<p>The income people receive for supplying factors of production such as land, labor, or capital.</p> Signup and view all the answers

<p>An economic system where production and consumption of goods and services are based on voluntary exchange.</p> Signup and view all the answers

<p>An economy that combines the free market with limited government involvement.</p> Signup and view all the answers

<p>The love of one's country; the passion that inspires a person to serve his or her country.</p> Signup and view all the answers

<p>Government programs that protect people experiencing unfavorable economic conditions.</p> Signup and view all the answers

<p>The level of economic prosperity.</p> Signup and view all the answers

<p>An economy that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.</p> Signup and view all the answers

<p>Requiring strict obedience to an authority, such as a dictator.</p> Signup and view all the answers

<p>A large farm leased from the state to groups of peasant farmers.</p> Signup and view all the answers

<p>A centrally planned economy with all economic and political power resting in the hands of the central government.</p> Signup and view all the answers

<p>An industry characterized by a large capital investment that produces items used in other industries.</p> Signup and view all the answers

<p>A philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society.</p> Signup and view all the answers

<p>The struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs.</p> Signup and view all the answers

<p>The power of consumers to decide what gets produced.</p> Signup and view all the answers

<p>A market in which firms purchase the factors of production from households.</p> Signup and view all the answers

<p>An organization that uses resources to produce a product, which it then sells.</p> Signup and view all the answers

<p>A person or a group of people living in the same residence.</p> Signup and view all the answers

<p>An expectation that encourages people to behave in a certain way.</p> Signup and view all the answers

<p>The self-regulating nature of the marketplace.</p> Signup and view all the answers

<p>An arrangement that allows buyers and sellers to exchange things.</p> Signup and view all the answers

<p>The financial gain made in transactions.</p> Signup and view all the answers

<p>One's own personal gain.</p> Signup and view all the answers

<p>The concentration of the productive efforts of individuals and firms on a limited number of activities.</p> Signup and view all the answers

<p>A range with no clear divisions.</p> Signup and view all the answers

<p>Investments that are determined by private decision rather than by state control.</p> Signup and view all the answers

<p>The doctrine that states that government generally should not intervene in the marketplace.</p> Signup and view all the answers

<p>Property owned by individuals or companies, not by the government or the people as a whole.</p> Signup and view all the answers

<p>To sell state-run firms to individuals, who are then allowed to compete in the marketplace.</p> Signup and view all the answers

<p>A period of change in which an economy moves away from a centrally planned economy toward a market-based system.</p> Signup and view all the answers