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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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#McGraw Hill Chapter 2
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What country is most like the old Soviet Union?
Norway
South Korea
North Korea
Sweden
2
Which is a disadvantage of a market economy?
discourages creativity
restricts personal freedom
Is not efficient with resources
High degree of uncertainty
3
best way to allocate resources in a society
Five year Plan
Economic System
privatization
Black Market
4
Chinese tried to revolutionize industry and agriculture in a.....
Privatization
Five year plan
Great Leap Forward
10 year plan
5
Who makes the economic decisions in a Market Economy?
News and Media
Individuals
Governement
Families
6
All Economies are .....
Market
Mixed
Command
Traditional
7
If Mr. Howell and the Hulk got in a fight, who would win
The Hulk
Mr. Howell
Mr. Howell is the Hulk
Mr. Howell is Iron Man
8
Why are products often of a low quality in a Command Economy?
The workers manage themselves
No worker guidlines
Tradition forces them to use old fashioned methods
No worker incentive
9
A disadvantage of Traditional Economies
everyone knows what to do
the Government controls everything
New ways are encouraged
New ways are discouraged
10
Which of these have the least in common?
Free enterprise and Market
command and socialism
market and capitalism
command and capitalism
11
System where Custom, habit or family control business
Free Enterprise
Traditional
Command
Market
12
What is the best example of the Risks of Capitalism
the Gosplan
Great Leap Forward
Five Year plan
The Great Depression
13
Why does privatization lead to a higher standard of living?
People work harder for themselves
It puts the government in control
people are afraid of risk
people are afraid of the governement
14
What kind of economy pays regardless of worker productivity
All Economies
Traditional
Market
Command
15
Economic Strategy used by the Soviet Union
Nationalization
10 year plan
Great Leap Forward
5 year plan
16
Shift from private ownership to government ownership
Five Year Plan
privatization
nationlization
capitalism
17
Where goods are sold illegally
Dark Market
Night Stores
Back Alley
Black Market
18
All societies face the same problem...
Scared of Cats
Scared of Tests
Scared of Cities
Scarcity
