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Types of Economic Systems Flashcards | StudBud
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Types of Economic Systems
Types of Economic Systems
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Economic Systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What kind of economic system does the United States have?
Command
Mixed-Socialist
Mixed-Market
Pure Capitalism
2
A command economy uses government control to determine what to produce, how to produce it, and how to distribute it.
False
True
3
Name a country that has a command economy.
North Korea
United States
England
China
4
What are natural resources?
Raw materials that come out of a lab.
Raw materials that come from the government.
People's knowledge, efforts and skills.
Raw materials found in nature used to produce goods.
5
A mixed economy combines government ownership and private ownership of industries that produce goods and services.
True
False
6
Market economies feature COMPEITION among businesses to provide wants and needs of consumers.
True
False
7
What is a command economy?
Controlled by the president.
Controlled by the government
Controlled by the people.
Controlled by the market
8
Most nations in the world have a command economy.
False
True
9
What is a traditional economy?
An economy that the government maintains.
There is no such thing as a traditional economy.
An economy that is based on what your ancestors did.
An economy that is controlled by the market.
10
The primary goal of an economic system is to determine what to produce, how to produce it, and how to distribute it.
True
False
