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ECON Blind: Chapter 3 Economic Systems Flashcards | StudBud
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ECON Blind: Chapter 3 Economic Systems
ECON Blind: Chapter 3 Economic Systems
26 terms
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StudBud Administration
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Blind Quiz: Economic systems #tamoclass #sbhsecon
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
What economic system is completely controlled by individuals and private companies?
Market Economy
Command Economy
Traditional Economy
Mixed Economy
2
The basic issues that every nation's economic system addresses include the following EXCEPT
What goods and services should be produced?
Who will receive the goods and services that are produced?
How shall resources be used to produce goods and services?
How can goods and services be fairly distributed?
3
The major types of economic systems are
command, socialist, communist, & mixed
traditional, command, market, & mixed
socialist, communist, free enterprise, & capitalist
traditional, capitailist, market, & mixed
4
Compare the philosophies & characteristics of various economic systems.
"Help, Can you explain it again."
"I understand some parts of this."
“Yup, I got this”
5
Read Chapter 3.
3.3 Who Decides What in Different Econ Systems (pp.41-46)
"No way"
3.2 Who Gets What How Societies Decide (pp.38-41)
"I'm drowning in homework. I'm going to do it later."
6
What economic system is completely controlled by a central authority, usually the government?
traditional Economy
Market Economy
Command Economy
Mixed Economy
7
Economic Goals
"I got this"
"Can you explain this again"
8
What is one of the two economic systems that combine to create a mixed economy?
Traditional Economy
Market Economy
Command Economy
Free Market
9
What economic system relies heavily on customs of the group to make decisions?
Market Economy
Traditional Economy
Mixed Economy
Command Economy
10
Compare the philosophies & characteristics of various economic systems.
"I got this"
"Can you explain it again"
11
Fundamental Economic Questions
"Yes, I got this"
"Could you explain it again"
12
Which of the following is NOT a basic economic question?
For whom should we produce it?
Why should we produce it?
What to produce?
How to produce it?
13
Almost all economic systems today are
mixed economies
command economies
pure market economies
traditional economies
14
Explain
and
Discuss
economic systems. (Phone face down.)
"Can you explain it again"
"Yes, I got this"
15
Which of the following is NOT a major characteristic of a pure market economic system?
freedom of choice
lack of competition
little or no government control
freedom of enterprise
16
What is a system in which government controls all resources & distributes them to the people?
Communism
Socialism
Free Market
Capitalism
17
The basic issues that every nation's economic system addresses include the following EXCEPT
How can goods and services be fairly distributed?
What goods and services should be produced?
Who will receive the goods and services that are produced?
How shall resources be used to produce goods and services?
18
Types of Economic Systems
"Yes, I got this"
"Could you explain it again"
19
Which is defined as the way in which a nation uses its resources to satisfy its needs & wants?
Market economy
Economic system
Mixed economy
Command economy
20
In a command economy, producers of goods and services make decisions primarily based on
current profit potential
past customs & production methods
marketplace signals
government planning
21
Economic system that answers the basic economic questions according to societal customs?
mixed economy
command economy
market economy
traditional economy
22
What is a system where government controls important resources & leaves the rest to the market?
Free Market
Communism
Socialism
Capitalism
23
Want to play again? Play in
Ghost Mode
! Improve your score.
"Let's play again next week with prizes."
"Not interested."
24
What does Adam Smith’s idea of an “invisible hand” represent?
the concern of people for one another
the way that markets coordinate trade
the divine oversight of human affairs
the economic role of governments
25
The government has the greatest degree of involvement in which of the following?
market economy
laissez-faire economy
command economy
traditional economy
26
Who came up with the idea of the Invisible Hand?
Karl Marx
Milton Friedman
Adam Smith
John Maynard Keynes
