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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Flashcards
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Questions
10
Answers
1
The traditional economic system's decisions are made by supply and demand.
True
False
2
Which one of these is not the name of an economic system?
Mixed
Traditional
Market
Walmart
3
What question is not asked in all economic systems?
How will the product be made?
What color should the product be?
What product will be made?
Who are we making the product for?
4
The market economy is based on
Supply and Demand
How much money you have in your pocket.
Bananas
the government
5
A true market economy has little concern for social needs (health, education, and housing.)
True
False
6
In a command economy,
the government decides how it will be made
the government is elected by the people
the government decides what will be made.
the government decides how it will be sold to the people
7
The government makes the decisions for a market economy.
True
False
8
A mixed economy
has elements of both a command economy and a market economy.
has elements of both a command economy and a traditional economy.
has elements of both a traditional economy and a market economy.
has elements of both football and volleyball
9
There are still traditional economies in today's world.
False
True
10
What kind of economy is the United States?
Command Economy
Market Economy
Traditional Economy
Mixed Economy
