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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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#economics #economic #systems #market #command #traditional #networks2.1 #networks
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
In which place would you be most likely to find lots of examples of a market-based economy?
North Korea
The Australian Outback
Northern Canada
New York City
2
Another name for a market economy is _________.
Communism
Cronyism
Confucius
Capitalism
3
Command economies have often been closely associated with ______________.
Laissez-faire
Free thinking
Being very successful
Communism
4
What is one disadvantage of a market economy?
Everything is cool when you're part of a team
Everything is awesome
It doesn't provide for everyone
Everything is awesome
5
In which place would you find examples of traditional economies?
North Korea
London, England
Deep in the Amazon rainforest
Dallas, Texas
6
A main reason why command economies aren't successful is that government (not people) make __?
Oranges
Apples
Money
Choices
7
In what type of economic system does the government make ALL of the production decisions?
Command
Traditional
Market
Socialist
8
A ________ system is one where buyers and sellers (and supply & demand) set the price of goods.
Market
Command
Traditional
Socialist
9
Which place best describes where you would find a command economy today?
Japan
North Korea
California
Texas
10
What type of economy is mostly based on rituals, habits, and customs?
Command
Market
Socialist
Traditional
