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8DB Economic Systems Review Flashcards | StudBud
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8DB Economic Systems Review
8DB Economic Systems Review
15 terms
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Economic Systems Review. #economy #geography #grade8
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which type of economy relies on habits, customs or rituals?
Transitional Economy
Command Economy
Traditional Economy
Market Economy
2
What are some advantages of a market economy?
Government regulation
Economic growth
Economic efficiency
Economic freedom
3
Measuring the combined goods produced by a country
at home and abroad
is known as...
Formal economic activity
Gross Domestic Product
HDI
Gross National Product
4
Which type of economy relies on habits, customs or rituals?
Traditional Economy
Command Economy
Transitional Economy
Market Economy
5
What questions must a society ask in order to make economic decisions?
All of the Above
How will goods and services be produced?
For whom will goods and services be produced?
What goods and services will be produced?
6
What are some advantages to globalization?
Higher level of competition
Protection for local businesses
Greater variety of goods
Cheaper labour costs
7
If you have satisfaction with goods in your life, you probably have...
Low GNP
a low HDI score
a high HDI score
Fortnite
8
Which economy has its decisions made by individuals based on exchange, or trade?
Market Economy
Traditional Economy
Command Economy
Centrally Planned Economy
9
Who makes economic decisions?
Business
Individuals
All of the above
Government
10
Which type of economy is controlled by the government?
Command Economy
Traditional Economy
Traditional Economy
Market Economy
11
What is competition in terms of the free market?
The regulating force in a free market
Both
The motivating force in the free market
12
What is a benefit of a mixed economic system?
Guaranteed basic standard of living
Basic social services
Restrictions on personal freedom
Total freedom to make economic decisions
13
Healthcare is an example of...
HDI wealth
Semi-material wealth
Material wealth
Non-material wealth
14
An economic system is chosen based on three
conditions
in society:
Traditional, Ideological, Pragmatic
Market, Command, Mixed
Primary, Secondary, Tertiary
Formal, Informal, Non-money
15
Taking out the garbage is...
An undesirable economic activity
An informal economic activity
A formal economic activity
An unpaid economic activity
