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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Businesses get to make economic decisions, but they need to follow government laws to be fair
Command
Traditional
Market
Mixed
2
What is bartering?
Trading without using money
Fighting
Using money to buy goods
3
What is "free enterprise"
Free rental cars
Competition between companies- helps in market economies
People are free to do whatever they want
4
What is "scarcity"
When there are a lot of goods
Having an abundance of goods and services
The limited supply of something
Being afraid
5
In a market economy, how much control does the government have over the economy?
They decide everything
A little
None
6
In this system, bartering is used
Traditional
Command
Market
Mixed
7
What goods/services are produced in a market economy?
Businesses base their decisions on supply and demand
They make them the same way their ancestors did
The government decides
8
Who will consume the goods/services in a market economy?
Whoever the government decides
People in the village who need them
Consumers
9
How are economic decisions made in a market economy?
The government decides
People in the village decide
Based on the changes in prices as buyers & sellers interact
10
How are goods/services produced in a traditional economy?
They're made the way the government tells them to
They're produced the same way their ancestors made things
They vote to decide how to make things
11
Which country or group has a traditional economic system?
Inuits in Canada
North Korea
United States
Australia
12
In which economic system does the government make all economic decisions?
Market
Mixed
Traditional
Command
13
Most democratic countries have what economic system?
Market
Mixed
Traditional
Command
14
How will goods/services be produced in a command economy?
The government decides how to make them
They're made the same way their ancestors made them
The people decide how to make them
15
Who consumes the goods/services in a traditional economy?
People in the village who need them
Everyone
The government decides who gets to consume them
16
Who will consume the goods/services in a command economy?
People in the village who need them
Whoever the government decides to give them to
Consumers
17
What goods/services are produced in a command economy?
People follow what their ancestors did
The market decides what to produce
The government decides what will be produced
18
Businesses make economic decisions, but the government regulates them to make sure they're safe
This is a mixed economy
This is a command system
This is a market system
This is a traditional system
19
Which country is closest to having a market economic system?
Australia
Inuit in Canada
North Korea
20
Which country has an economic system that is close to a command economic system?
Inuit Peoples
Australia
North Korea
USA
21
How will goods/services be produced in a market economy?
Produced by businesses that are owned by private citizens
The government decides
The same way their ancestors made them
22
What goods/services are produced in a traditional economic system?
People make exactly what the government tells them to make
People follow tradition and make what their ancestors made
People have free will and make whatever they want!
