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Economic Systems
Economic Systems
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StudBud Administration
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Economic Systems Quiz. #economy
Flashcards
13 cards
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Questions
13
Answers
1
What is a benefit of a "Market economy" also known as a free enterprise economic system?
Guaranteed social services
Free Stuff
Better quality at lower prices
Restrictions on personal freedom
2
The two primary players in the circular flow model are what?
Households and Schools
People and Stores
Households and Businesses
Businesses and People
3
The Amish would most likely fall under this type of system
Mixed
Traditional
Command
Market
4
What is the greatest disadvantage of a command system also known as a centrally planned economy?
High taxation
Little individual incentive
Uneven distribution of resources
Performance falls short of ideals on how the system is built
5
Which economy has it's decisions made by individuals based on exchange, or trade?
Command Economy
Market Economy
Centrally Planned Economy
Traditional Economy
6
The United States is the closest example to this system
Traditional
Cultural
Command
Market
7
What do businesses provide for the outside parties?
Services
Goods
Goods and Services
Money
8
Which type of economy relies on habits, customs or rituals?
Transitional Economy
Market Economy
Command Economy
Traditional Economy
9
North Korea would mostly be considered this type of system
Mixed
Command
Traditional
Market
10
What are some advantages of the free market?
Government regulation
Economic growth
Economic efficiency
Economic freedom
11
What is a benefit of a mixed economic system?
Restrictions on personal freedom
Basic social services
Total freedom to make economic decisions
Guaranteed basic standard of living
12
Which type of economy is controlled by the government?
Centrally Planned Economy
Traditional Economy
Market Economy
Command Economy
13
What questions must a society ask in order to make economic decisions?
How will goods and services be produced?
What goods and services will be produced?
For whom will goods and services be produced?
All of the Above
