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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
F
Practice quiz
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Host live
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Questions
10
Answers
1
The government owns natural and capital resources.
Market
Command
Mixed
Traditional
2
An economic system heavily influenced by habits, customs, and religious beliefs.
Mixed
Market
Traditional
Command
3
An economic system that combines elements of all the other basic systems.
Mixed
Command
Traditional
Market
4
TRUE or FALSE: A resource that is
scarce
usually costs lots of money to purchase.
False
True
5
The government can make economic decisions quickly.
Mixed
Traditional
Market
Command
6
Prices are influenced by company supply and consumer demand.
Command
Market
Mixed
Traditional
7
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
8
What economic system is being illustrated by this image?
Traditional
Market
Command
Mixed
9
Considered synonymous with a capitalistic economy.
Market
Command
Traditional
Mixed
10
Individual purchasing decisions determines the types of products and services offered.
Command
Traditional
Mixed
Market
