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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
6 terms
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StudBud Administration
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55 plays
#economics #economic systems
Flashcards
6 cards
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Practice quiz
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Questions
6
Answers
1
What system best embodies the U.S. current system of economy?
traditional
command
mixed
market
2
What system is seen in tribal areas and is categorized by "the way things have always done"?
command
market
mixed
traditional
3
What economic system features free choice and control by the people's desires?
command
mixed
market
traditional
4
What economic system is also called capitalism, free enterprise, or free market?
traditional
market
mixed
command
5
What system is described by the "invisible hand" in Adam Smith's
Wealth of Nations
?
mixed
traditional
command
market
6
What economic system was utilized in the U.S.S.R and featured control by the government?
command
mixed
market
traditional
