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Economic Systems - Quiz 2.1 Flashcards | StudBud
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Economic Systems - Quiz 2.1
Economic Systems - Quiz 2.1
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Quiz over Economic Systems for High School ECON
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
In a command economy, the factors of production are decided by...
Tradition
Businesses
Government Leaders
Individuals
2
System which econ decisions r based on customs that have been handed down from gen 2 generation
Traditional Economy
Command Economy
Mixed Economy
Economic System
3
Almost all economic systems today are
market economies
command economies
traditional economies
mixed economies
4
Who owns the factors of production and makes economic decisions in a market economy?
Tradition
Businesses
Individuals
Government Leaders
5
Way in which the nation uses its resources to satisfy its people's needs and wants
Economic System
Traditional Economy
Mixed Economy
Market
6
System combining characteristics of more than one type of economy
Mixed Economy
Command Economy
Traditional Economy
Economic System
7
All economic systems...
have the same resources
distribute products through majority rule
produce the same goods
must answer the same three basic questions
8
The process of freely exchanging goods and services between buyers and sellers
Market
Mixed Economy
Traditional Economy
Economic System
9
One advantage of a traditional economy is...
the opportunities for wealth
the incentive to work hard
you know what is expected of you
consumer choices
10
System which the government controls the F.O.P. and makes all decisions about their use
Traditional Economy
Economic System
Mixed Economy
Command Economy
