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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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1
What is the oldest types of economic system?
Market/Capitalist Economy
Mixed Economy
Traditional Economy
Command/Communist Economy
2
Most countries in the world today are what type of economic system?
Mixed Economy
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
3
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
4
What type of economic system is BEST represented in this image?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
5
Which type of economy BEST allows some people to become very rich while others may be poor?
Traditional Economy
Command/Communist Economy
Mixed
Market/Capitalist Economy
6
What economic system is about freedom and choice to use money and resources however you want?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitlist Economy
7
Which economy fairly stable, since people what their parents did, generation after generation?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
8
What type of economic system is based largely on agriculture and trading of goods and services?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command Economy
9
What type of economic system is totally controlled by the government?
Mixed Economy
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
10
Which type of economy BEST attempts to distribute goods and services equally?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
11
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
False
True
12
What type of economic system is BEST represented by this picture?
Market/Capitalist Economy
Command/Communist Economy
Traditional Economy
Mixed Economy
13
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
Mixed Economy
14
Sometimes employers take advantage of or abuse workers in which type of economic system?
Mixed Economy
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
15
When people barter and trade is an example of what type of economic system?
Market/Capitalist Economy
Command/Communist Economy
Traditional Economy
16
"A way of deciding what to produce and how it is distributed." This is a definition of ...
communism
bartering
economic system
capital