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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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economic systems
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Competition between privately owned businesses
Market Economy
Traditional Economy
Command Economy
2
Today, the US has a:
Market Economy
Command Economy
Mixed Economy
Traditional Economy
3
Ancient rules determine what is produced in this society
Mixed Economy
Market Economy
Command Economy
Traditional Economy
4
The government owns and operates the basic industries
Traditional Economy
Command Economy
Mixed Economy
Market Economy
5
Businesses decide what to make and what is sold
Traditional Economy
Command Economy
Market Economy
6
The government alone decides what is bought and sold
Traditional Economy
Command Economy
Mixed Economy
Market Economy
7
No country has this economic system, although isolated rural areas may.
Mixed Economy
Traditional Economy
Market Economy
Command Economy
8
No country has this economic system today, but many did in the 1800s.
Market Economy
Mixed Economy
Traditional Economy
Command Economy
9
The people use old fashioned ideals to decide what to buy
Market Economy
Command Economy
Mixed Economy
Traditional Economy
10
Businesses are owned by private individuals
Traditional Economy
Market Economy
Command Economy
11
Today, China has a:
Market Economy
Traditional Economy
Mixed Economy
Command Economy
12
The government tries to end inequalities of wealth
Command Economy
Traditional Economy
Market Economy
13
The people's preferences influence what is produced
Command Economy
Market Economy
Traditional Economy
14
Allows for the greatest degree of innovation
Traditional Economy
Mixed Economy
Command Economy
Market Economy
15
Which economy creates the least friction between members of the community?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
