Vocab I
What is an economic sector in which goods and services are sold illegally?
What is the Black Market?
Which of the following statements describes a disadvantage of a TRADITIONAL economy?
A. Everyone knows their role. B. New ways of doing things are encouraged. C. The state makes difficult economic decisions. D. New ways of doing things are discouraged.
What is D. New ways of doing things are discouraged?
What is the lowest legal wage that can be paid to most workers?
What is MINIMUM WAGE?
In a traditional economy, what 3 things dictate activity and social behavior
What is RITUALS, HABIT, CUSTOM
What are certificates used to purchase government-owned property during privatization?
What are Vouchers?
What is the conversion of state-owned property to individual ownership?
What is Privatization?
Which economic system would MOST likely provide people with goods and services they could not otherwise afford?
A. Traditional economy B. Market economy C. Socialist economy D. Free-enterprise economy
What is A. Traditional economy?
Economic Equity is not economic equality, but what?
What is FAIRNESS?
List economic systems in order from LEAST to MOST flexible.
What is Command, Socialist, and Free Market economies?
Who is the successor of the European Coal and Steel Community?
What is the European Union (EU)?
What is a centralized strategy used by both the Soviet Union and China?
What is the Five-Year-Plan?
Which country has an economy SIMILAR to the former Soviet Union?
A. Sweden B. South Korea C. North Korea D. Norway
What is C. North Korea?
What is an income that does not increase even though prices increase?
What is FIXED INCOME?
What is the number of people per square mile of land?
What is Population Density?
What is the shift from private ownership to government ownership?
What is Nationalization?
Which of the following is the MOST striking example of the costs and risks of pure capitalism?
A. The Gosplan B. The Great Depression C. The Five-Year-Plan D. The Great Leap Forward
What is B. The Great Depression?
What is the struggle among producers to attract consumers?
What is COMPETITION?
What type of economy is MOST prevalent in the world today?
What is a MIXED economy?
What is the worst period of economic decline in United States history?
What is the Great Depression?
What is the allocation of resources and the production and distribution of goods and services in society?
What is an Economic System?
Which nation today is the BEST example of successful privatization?
A. Cuba B. the former Soviet Union C. North Korea D. China
What is D. China?
Conflicts among goals can be solved by using what?
What is COST-BENEFIT ANALYSIS
Which two economic systems are the LEAST similar?
What is Command economy and Capitalism?
What is the forced ownership of the factors of production?
What is Collectivization?