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Modified PPHS Economics Ch. 2 Review Flashcards | StudBud
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Modified PPHS Economics Ch. 2 Review
Modified PPHS Economics Ch. 2 Review
11 terms
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StudBud Administration
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185 plays
Economic Systems
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
Equity means...
everyone getting the same
getting what you need
2
What economic system does this describe: No reason to work efficiently?
command
traditional
market
3
What type of system does this describe: Individuals learn skills from parents?
traditional
command
market
4
What economic system does this describe: large variety of goods and services?
command
traditional
market
5
Which of the following describes the U.S. economy?
Both Market and Command
Traditional only
Market only
Command only
6
Which of the following are economic goals of the U.S. economy?
socialism that evolves into pure communism
profit, trade and government control
freedom, equity and growth
7
What economic system does this describe: Change is discouraged, even punished?
command
<p>capitalist</p>
traditional
8
What economic system does this describe: Limited government involvement?
command
traditional
market
9
What economic system does this describe: lack of consumer choices?
traditional
command
market
10
It is easier to start your own business in what type of economy?
traditional
free enterprise
command
11
Which question is NOT one that all economies must ask?
Who should produce it?
What to produce?
How to produce it?
For whom will it be produced?
