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Economic Systems Review Flashcards | StudBud
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Economic Systems Review
Economic Systems Review
22 terms
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StudBud Administration
5th grade
Flashcards
22 cards
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Questions
22
Answers
1
Command Economy
state control business
government controls everything
people control everything
voters control business owners
2
command economy
mostly agriculture, low innovation
consumers & supply & demand control resources
some private ownership, some govt. control
government owns and controls resources
3
This type of economy is mostly a market economy, but has components of a command economy too
Random
Traditional
Comparative
Mixed
4
How confident do you feel about your knowledge of economic systems?
I'm an expert!
I mostly get it.
I'm confused!
I kind of get it.
5
A traditional economy is the oldest economic system.
True
False
6
who dictates supply in a free market economy?
Nobody
Producers and Consumers
Consumer
Producer
7
Free Market?
A place in a town where people can go to buy and sale goods.
An economy where prices are set by competition between private businesses.
a command economy that restricts trade
An economy where the government says what and how many goods can be made.
8
Traditional Economy....
is when a country meets their needs by buying products
is when a country depends on their taxes to produce goods
is when a country make and grow their own food and goods
is when a country is depending on just one type of resource
9
What are the 3 basic economic systems?
Institutional, Free-Market, Demand
Supply, Demand, Barter
Traditional, Command, Market
Traditional, Mixed, Monarchy
10
Which system is a combination of the 3 primary economic systems and is the most-used today?
Mixed
Command
Traditional
Market
11
What do economic systems do?
All the above
Allocate resources
Answer the three basic economic questions
Organize production
12
Traditional economy
Members of religion who encourage people to convert to particular religion
A series of knotted strings on which the Incas recorded information
Economic policy that promotes strengthening a nation by expanding its trade
An economy in which the exchange of goods is based on custom or tradition
13
This economic systems includes free enterprise with some government control.
Mixed
Traditional
Command
Market
14
Traditional Economy
People trade products for other products based on their believed value
People and Government determine the supply and price of products
People determine the supply and price of products
The government determines supply and price of products
15
Traditional Economy
supply and demand dictating production
government makes all economic decisions
economy with few if any government oversight
agriculture with limited trade and barter & some luxuries
16
Free Market
Socialism
Capitalism
Able to use money on anything
Communism
17
Mixed Economy
An econ system: market-based elements and some level of gov't involvement
Another name for a “Centrally Planned Economy”.
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
An econ system: relies on habit custom rituals to decide the 3 basic econ?s
18
Who dictates demand in a free market economy?
Producer
All answers are correct
Seller
Consumer
19
What won't businesses do under a command economy?
Make their own decisions
determine how much they will produce
Set their own price
Determine who will buy goods
20
an example of a market economy is
the United States
the former Soviet Union
North Korea
the Inuit
21
Mixed economy
Consumers control everything
Government controls everything
Both government and consumers control the economy
22
A mixed economy ...
has elements of both market and command economies
has limited use in today's global economy
was more useful before the invention of bitcoin
has elements of traditional, market & command economies
