Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Social studies > Economic systems > Flashcards

Economic systems Flashcards

You may prefer our related Brainscape-certified flashcards:
Praxis (5004) - Elem. Ed: Social Studies flashcards Praxis (5904) - Elem. Ed: Three Subject Bundle - Social Studies flashcards Praxis (7004) - Elem. Ed: Social Studies flashcards
1
Q

Part 1: Ecxonomic systems

What is economics?

A

Economics is the study of how individual and groups use limited resources to fulfill unlimited wants and needs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a want?

A

A want is something someone would like to have.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is an example of a want??

A

Soda.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a need?

A

A need is an essential of survival you need this.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is an example of a need?

A

An example is clean drinking water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Give an example of what a good could be..

A

A good is cake.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the meaning of a good?

A

Good: products people consume or use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a service??

A

A service is something done by a person to help others.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Give an example of a service:

A

A service could be the checkout person at the grocery store.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Scarcity is the ______ _______ __ ______…

A

Limited supply of something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

true or false: countries have enough resources to produce everything.

A

False, there are never enough resources at once.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the plan to use limited resources called??

A

It is called “Economic System”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the 3 questions the government developed to make an economic plan?

A
  • what good services will be produced
  • How will goods/ serviced be produced?
  • who will produce the goods/ services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Economic decisions are based on what?

A

Customs, traditions, and beliefs of the past?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

True or false: Gathering and hunting are the main activities…

A

True!!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does it mean when it says the rely on beliefs of the past:

A

It means kids rely on the traditions of their parents..

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the meaning of bartering??

A

Bartering is, trading without money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the exchange of goods done through??

A

Bartering is done.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What villages or places use bartering to trade??

A

Africa, South America, the Inoit in Canada, and places in Australia.

20
Q

how will it be produced??

A

they will produce the goods the way their ancestors did.

21
Q

Who will consume them??

A

The people in the villages.

22
Q

Part 2: Command economy:

All economic decisions are made by who:?

A

They are made by the government.

23
Q

Fill in the blank: What is the first thing command economy does? It sets ____ __ ____ ___ _____.

A

It sets prices of goods and services.

24
Q

What are the other 2 things command economy does?

A

Command economy:

  • Determines the wages of workers
  • Plans what will be made
25
Q

what is the definition of communism?:

A

To ensure all residents have their needs met and benefit equally from the production of goods and services

26
Q

What is one goal of the command economy:

A

A goal is to, ensure all residents have their needs met and benefit equally from the production of goods and services

27
Q

What are 2 more goals of the command economy?45

A
  • To grow a strong military

- ensures all the wealth stays in the hands of an elite fuel

28
Q

Fill in the blank: The government ensures that citizens needs are met through _____.?

A

Jobs

29
Q

What services are citizens met through?

A

Health care and education

30
Q

What goods are citizens met too?

A

Goods such as food and clothes

31
Q

The government can quickly refocus production if needed when and why:

A

During wartime, and if a shortage or excesss develops.

32
Q

what could be a potential disadvantage:

A
  • when the government cant distribute resources fairly
33
Q

When they can’t distribute resources, fairly it limits citizens’ what??

A

It limits personal freedom by restricting citizens choices .

34
Q

What is another disadvantage?

A

There is little reason for business’ to do a better job.

35
Q

What is an event that could be an example of having or growing a strong military?

A

Ex: Nazi, Germany under hitlers rule in the 1930’s

36
Q

Part 3: Market economy

What is another term for market economy?..

A

Another term is a free enterprise system

37
Q

What is free enterprise system?

A

It is the competition between companies.

38
Q

What is an example of competition between companies??

A

Shifts the employees work/ the prices of goods and services.

39
Q

The government has no jurisdiction over who?

A

Economic private citizens.

40
Q

Who exactly are “private citizens”?

A

They are citizens with no government relation.

Ex: A person working at the supermarket

41
Q

Fill in the blank:

Economic decisions are based on changes __ ______ …?

A

“ in prices”

42
Q

Give an example of changes in prices being a main decision point:

A

Example: a car company starts to make a new,profitable, popular, car (such as an SUV) -Eventually, loads of people will want the car.
-(SUVS are profitable so many car companies make them)

43
Q

what is an advantage of market economy?

A

An advantage is buyers and sellers getting the freedom they deserve in what they buy/sell.

44
Q

What is another good thing about market economy?

A

They encourage innovations and inventions.

45
Q

Now for the disadvantages…. Name one:

A

some companies end up failing.

46
Q

What are some bad practices some may use just to earn more profit?

A

-Paying poor salaries
-fail to contain pollution
- Make unsafe products for consumers
Ex: fake makeup

47
Q

What is a kind of unfair tactic they have with salary’s?

A

They often reward individuals or companies that satisfy consume demand, rather than the common good.
Example: Professional athletes vs Police officer

Social studies (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions