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ECONOMIC SYSTEMS Flashcards | StudBud
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ECONOMIC SYSTEMS
ECONOMIC SYSTEMS
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Prep for writing on economic systems quiz
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Traditional economies decide "for whom" based on...
Gender
Tradition
Hair length
Age
2
Command economies have (pick 2)
High innovation
High motivation
Low motivation
Lots of innovation
3
Market economies don't provide what sort of goods?
Public
Private
Simply transformed
Intermediate
4
How to produce in a market economy is governed by
Food prices
Car prices
Resource prices
Housing prices
5
Market economies are ruled by ________ demand
Governmental
Consumer
Producer
Children
6
An example of a traditional economy is
pre-colonial Aboriginal societies
The Inuit
Kalahari Bushmen
Traditional of Papua New Guinea
7
Economic systems are
attempts to solve the economic problem
the cause of the economic problem
8
Scarcity is referred to as the ______ problem.
Resource
Economic
Money
Choice
9
Scarcity is caused by (pick 2)
Limited Resources
Unlimited needs and wants
Unlimited resources
Limited Needs and Wants
10
Which of these is
NOT
one of the four economic problem questions?
How much to produce
How to produce
What to produce
When to produce
