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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
25 terms
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StudBud Administration
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A quiz quiz to review economic systems and Ch. 3 of Econ Alive! The Power to Choose
Flashcards
25 cards
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Questions
25
Answers
1
Capitalism's main goal was to provide economic _____________.
Equality
Stability
Growth
Freedom
2
How goods are distributed fits under which economic question?
For whom do we produce?
What even is economics?
What do we produce?
How do we produce things?
3
Find the capital i.
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4
13th Letter of the Alphabet:
O
P
L
M
5
Which is NOT one of the 3 basic economic questions?
What to produce
Why are we producing
For whom to produce
How to produce
6
Which country is considered to have the first Modern Command Economy?
China
North Korea
U.S.S.R
Wakanda
7
Laissez-faire means what?
Equality for everyone
Competition is good
Government is 'hands off'
FREEEEEEDOOOOOOOOM!
8
The ability to make our own economic decisions without interference is defined as what?
Economic Stability
Economic Equity
Economic Efficiency
Economic Freedom
9
Which is the oldest type of economic system?
Traditional
Command
Mixed
Free market
10
Which of these countries in NOT considered a modern communist society?
Cuba
China
South Korea
Laos
11
What drives economic decisions in a traditional economy?
Profit
Tradition
Government
Equality
12
Which of these is the best example of government involvement in a mixed system?
Doing nothing
Paying wages
Providing highways and public libraries
Distributing goods
13
In a true market economy, decisions are made by _________________.
Businesses
Individuals
No one
Government
14
In past command economies, the governments were usually _____________.
Democracies
Monarchies
Communist
Socialist
15
Who was the father of socialism/communism?
Karl Marx
Adam Smith
Mark Cuban
Elon Musk
16
Which economic goal is defined as having things there when we need them?
Stability
Security
Efficiency
Dependability
17
An economy with a combination of government control and individual freedom is called what?
Free
Mixed
Communist
Command
18
In the Soviet Union who decided what was produced?
Workers
God
Central Planning Committee
Businesses
19
'All people having their needs met' is the definition of Economic _______.
Security
Stability
Growth
Equity
20
In economics, what term do we use to mean 'making the most of your resources'?
Scarcity
Efficiency
Entrepreneurship
Competition
21
In a free market Circular Flow Model, businesses provide _________ in exchange for money.
Goods and Services
Protection
Taxes
Labor
22
Which country is considered the most economically free?
United States
North Korea
Estonia
Singapore
23
Communism and socialism sought what economic goal above all else?
Freedom
Security
Equity
Stability
24
Where might you find "cradle to grave" programs?
North Korea
Cuba
Canada
United States
25
In both Circular Flow Models households provide what resource the most to firms/businesses?
Labor
Capital
Land
Entrepreneurship
