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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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Answers
1
What type of economic system is totally controlled by the government?
Command/Communist Economy
Traditional Economy
Mixed Economy
Market/Capitalist Economy
2
Which historical example do you think is of a Market/Capitalist Economy?
U.S. during the Gilded Age
Feudalism in Europe (peasants growing crops)
Soviet Union under Communism
3
What type of economic system is BEST represented by this picture?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
4
What type of economic system is based largely on agriculture and trading of goods and services?
Traditional Economy
Mixed Economy
Command Economy
Market/Capitalist Economy
5
What economic system is about freedom and choice to use money and resources however you want?
Mixed Economy
Command/Communist Economy
Market/Capitlist Economy
Traditional Economy
6
Voluntary Exchange means:
One can only voluntarily buy goods if the gov. allows
A producer is free to sell and a consumer is free to buy
The interaction between government and consumers
One must volunteer for taxes to come out of their check
7
What type of economic system fears change but is stable?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
8
"A way of deciding what to produce, how to produce it, and who gets the product." This is a definition of ...
communism
capital
bartering
economic system
9
Which type of economy BEST allows some people to become very rich while others may be poor?
Market/Capitalist Economy
Mixed
Command/Communist Economy
Traditional Economy
10
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Traditional Economy
Mixed Economy
Market/Capitalist Economy
Command/Communist Economy
11
What type of economic system is BEST represented by this image?
Mixed Economy
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
12
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Mixed Economy
Traditional Economy
Market/Capitalist Economy
Command/Communist Economy
13
Which is associated with a Market/Capitalist Economy?
more government
less government
14
Most countries in the world today are what type of economic system?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
15
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
False
True
16
Which of these is a historical example of a Traditional Economy?
Soviet Union under Communism
U.S. during the Gilded Age
Feudalism in Europe
17
Which of these is a strength of a Command Economy?
Built on customs and traditions
Give people incentive to work and excel
Meet people's basic needs
18
What type of economic system is BEST represented in this image?
Mixed Economy
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
19
Which is most associated with a Command/Communist Economy?
Government meets needs
Individual meets own needs
20
An economic system with much individual freedom AND some government regulation is a
Command/Communist Economy
Mixed Economy
Market/Capitalist Economy
Traditional Economy
21
What type of economic system is BEST represented by this image?
Market/Capitalist Economy
Command/Communist Economy
Mixed Economy
Traditional Economy
22
Individual freedom and little government interference are strengths of what type of economic system?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
23
Which describes a Mixed Economy?
The government controls everything.
When both the government and the people make the decisions.
None of the above.
People make all decisions.
24
What is the oldest types of economic system?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
25
Which type of economy BEST attempts to distribute goods and services equally?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitalist Economy
26
Which economy is fairly stable, since people do what their parents did, generation after generation?
Traditional Economy
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
