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Duplicate of Economics Basics & Economic Systems Flashcards | StudBud
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Duplicate of Economics Basics & Economic Systems
Duplicate of Economics Basics & Economic Systems
10 terms
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StudBud Administration
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Economic Systems
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
An economic system that combines elements of all the other basic systems.
Traditional
Mixed
Command
Market
2
TRUE or FALSE: A resource that is
scarce
usually costs lots of money to purchase.
True
False
3
Prices are influenced by company supply and consumer demand.
Mixed
Market
Command
Traditional
4
The government can make economic decisions quickly.
Traditional
Market
Mixed
Command
5
The government owns natural and capital resources.
Mixed
Command
Market
Traditional
6
What economic system is being illustrated by this image?
Mixed
Market
Traditional
Command
7
Individual purchasing decisions determines the types of products and services offered.
Market
Traditional
Command
Mixed
8
An economic system heavily influenced by habits, customs, and religious beliefs.
Traditional
Mixed
Market
Command
9
What is an
opportunity cost
of the government funding millions of dollars for medical research?
More funding for schools
Less people getting sick
Less funding for the military
More cures for diseases
10
Considered synonymous with a capitalistic economy.
Market
Command
Traditional
Mixed
