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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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Economic Systems of Southwest Asia
Flashcards
8 cards
F
Practice quiz
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Host live
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Questions
8
Answers
1
Customary roles and production of goods
Traditional
Market
Command
Mixed
2
Government determines production of goods
Mixed
Traditional
Market
Command
3
A company comes out with a new pair of shoes; what happens to the price of the older shoes?
price of older shoe lowers
price of older shoes rises
4
No government influence on supply and demand
Command
Market
Mixed
Traditional
5
Moves to the left with increase of government influence
Traditional
Command
Mixed
Market
6
Most modern economies in the world today
Mixed
Traditional
Market
Command
7
A storm destroys oranges growing in Florida, but demand for orange juice stays the same, price
goes down
goes up
8
A company decides to make more video games but the # sold stays the same, what happens to price
Price lowers
Price rises
