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Introduction to Economic Systems Flashcards | StudBud

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Introduction to Economic Systems

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Questions 10

Answers

1
The USA is a market Economy.
True
False
2
Which of the following is an example of a traditional economy?
United Kingdom
Australia
Africa
Japan
3
What is a market economy?
when merchants tell you what you should buy to give them the most money
the government decides what people will buy
the economy is controlled by traditions of clans or tribes
Individual people make the choices, not the government
4
What is a command economy?
the public makes the decision on what to buy
families, clans, or tribes control the economy based on traditions
when the government controls which products to be sold and when to sell
a type of economy in which you are given unlimited money to buy whatever
5
What are the main focus of a traditional economy?
Customs
What they want
Traditions
Beliefs
6
Which of the following is a command economy?
Mexico
North Korea
Canada
United States
7
What is an economic system?
an increase of the value of goods but a decrease in the value of a dollar
the way that society uses its scarce funds to satisfy its people's needs
the way that taxes are taken out of our paycheck
when the government gives out unlimited money for the people
8
What is a traditional economy?
clans, families, tribes, make decisions based on customs passed down
the most basic form of an economy
the government decides what goods to provide and when to provide them
the people make the choices, not the government
9
Advantages of a traditional economy include:
All of these
More free time
Little to no uncertainty
Less stress
10
How much individual freedom does one get in a traditional economy?
Absolutely none
Little to none
Somewhere in the middle
The most out of any system