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Economics Systems Review
Economics Systems Review
16 terms
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StudBud Administration
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253 plays
17 questions about economics covering from the systems to the policies.
Flashcards
16 cards
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Questions
16
Answers
1
What kind of economy does the government control the only the large industries?
Socialism
Traditionalism
Capitalism
Communism
2
This graphic displays....
opportunity costs
economics
factors of price
supply and demand
3
How many basic economic questions must every economic system answer?
9
7
2
3
4
What is another name for an entrepreneur?
Financial Advisor
Investor
Business Owner
Consumer
5
The economic system in which high taxes provide specific services for all...
Mixed
Socialism
Market
Communism
6
Which question does NOT fit into the questions economic systems answer?
who gets the $
what to produce
where to sell it
how to produce it
7
The primary motivating factor in a capitalist society (market economy) is...
market stability
quality goods
business growth
profit
8
Economics is the study of how to use limited resources to satisfy unlimited what?
wants & needs
money
supply
decisions
9
What resources are not included with the primary industry factor of production?
Oil
Machines
Coal
Water
10
What type of economy would the USA have?
Command
Traditional
Mixed
Market
11
The industry displayed in the graphic would be considered...
Secondary
Tertiary
Primary
Quaternary
12
The industry displayed in the image would be considered...
Tertiary
Secondary
Primary
Quaternary
13
What type of economy does the government control everything?
Mixed Economy
Traditional Economy
Command economy
Market Economy
14
In a command economy the decision on who to sell the goods to is decided by who?
Consumers
The producers
The government
Federal reserve
15
There is no pure ___________ economic system.
Market
Communism
Mixed
Traditional
16
This image portrays which economic system?
Traditional
Market
Communism
Socialism
