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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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An #economics quiz for understanding the basics of #economic systems.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
(Challenge) In capitalism, investment is driven by
government seeking profit
individuals seeking equality
private parties seeking profit
government direction
2
In a market economy the real power is held by
Consumers
Government
Producers
Sellers
3
What economic system is based mainly on personal choice?
Mixed
Command
Traditional
Market
4
The term "laissez faire" means
Follow traditions of the past
Leave things alone
Government must raise taxes
Shoop-da-woop
5
Which of the following is an advantage of command economies?
The economy attempts to provide for everyone's needs.
Decisions are well informed by consumers and producers.
The survival of the people is ensured.
Problems like shortages and surpluses are rare.
6
(Challenge) Who developed the ideas of communism?
Thomas Malthus
David Ricardo
Karl Marx
Adam Smith
7
(Challenge) Businesses are customers and individuals are producers in the
Product Market
Factor Market
Pure Market
Government Market
8
(Challenge) Suppliers in a product market are
Government
Businesses
Individuals
Households
9
"Does not try to ensure maximum productivity" is a disadvantage of what economic system?
Mixed
Traditional
Market
Command
10
Which system allows for no ownership of private property?
Communism
Socialism
Feudalism
Capitalism
11
The government owns some, but not all basic resources under which system?
Traditionalism
Socialism
Market Economy
Communism
12
"Centrally Planned" is another term for what economic system?
Market
Command
Traditional
Mixed
13
What system involves having the government make most economic decisions?
Market
Traditional
Command
Mixed
14
Which economic system is based on following established customs?
Traditional
Mixed
Command
Market
15
(Challenge) The idea that consumers hold ultimate control over what is produced is called
Voluntary Exchange
Specialization
Consumer Sovereignty
Competition
