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Review of Economic Systems Flashcards | StudBud
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Review of Economic Systems
Review of Economic Systems
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Questions
18
Answers
1
What economic system is about freedom and choice to use money and resources however you want?
Market/Capitlist Economy
Command/Communist Economy
Mixed Economy
Traditional Economy
2
What is the oldest types of economic system?
Mixed Economy
Traditional Economy
Market/Capitalist Economy
Command/Communist Economy
3
What type of economic system is BEST represented in this image?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitalist Economy
4
What does the secondary sector of the economy do?
All of the above
Proivde a service
convert raw materials into finished products
extract raw materials from the earth
5
What does the tertiary sector of the economy do?
Proivde a service
extract raw materials from the earth
convert raw materials into finished products
All of the above
6
Which type of economy BEST attempts to distribute goods and services equally?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
7
What type of economy do most dictatorships use?
Mixed Economy
Traditional Economy
Market/Capitalist Economy
Command/Communist Economy
8
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
Traditional Economy
9
Most countries in the world today are what type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
Traditional Economy
10
What sector is Seton Northwest hospital a part of in the U.S. economy?
Quadernary sector
Secondary sector
Primary sector
Tertiary sector
11
What type of economic system is based largely on agriculture and trading of goods and services?
Market/Capitalist Economy
Traditional Economy
Command Economy
Mixed Economy
12
What type of economy would best describe that used in the United States?
Market/Capitalist Economy
Command/Communist Economy
Traditional Economy
Mixed Economy
13
What does the primary sector of the economy do?
All of the above
Proivde a service
convert raw materials into finished products
extract raw materials from the earth
14
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
15
Sometimes employers take advantage of or abuse workers in which type of economic system?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
16
Which type of economy BEST allows some people to become very rich while others may be poor?
Mixed
Traditional Economy
Market/Capitalist Economy
Command/Communist Economy
17
What type of economic system is totally controlled by the government?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
18
What economic sector is NASA a part of in the U.S. economy?
Quadernary sector
Secondary sector
Primary sector
Tertiary sector
