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The Four Economic Systems Flashcards | StudBud
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The Four Economic Systems
The Four Economic Systems
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Test your knowledge of the four economic systems.
Flashcards
10 cards
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Questions
10
Answers
1
Which is a characteristic of a mixed economy?
Harsh Policies
Dictator
Welfare System
Weak Political Freedom
2
How is work customarily divided in a traditional economy?
Social Status
Race
Skill Level
Gender
3
What is the dominant form of economic coordination in a mixed economy?
Banks
Farming
Markets
Entrepreneurship
4
Who dominates economic decisions in a centrally-planned system?
Individuals
Military
Government
Stock Investors
5
What economic system most strongly promotes self-regulation?
Traditional
Mixed
Centrally-Planned
Free Market
6
What is one advantage of a free market economy?
Strict Regulation
Less Competition
Economic Instability
Economic Freedom
7
What unit does the traditional economy revolve around?
Education
Military
Government
Family
8
Which would be most likely to have a traditional economy?
Africa
United States of America
Native tribes of the seventeeth century
Asia
9
In a free market economy, who owns the factors of production?
Army
Supreme Court
Government
Individuals
10
What is the most modern economic system?
Mixed
Traditional
Free Market
Centrally-Planned
