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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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Flashcards
10 cards
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Questions
10
Answers
1
What kind of economy is the United States?
Command Economy
Mixed Economy
Market Economy
Traditional Economy
2
There are still traditional economies in today's world.
True
False
3
A true market economy has little concern for social needs (health, education, and housing.)
False
True
4
Which one of these is not the name of an economic system?
Mixed
Market
Walmart
Traditional
5
In a command economy,
the government decides how it will be made
the government decides how it will be sold to the people
the government decides what will be made.
the government is elected by the people
6
The government makes the decisions for a market economy.
False
True
7
A mixed economy
has elements of both a command economy and a market economy.
has elements of both a traditional economy and a market economy.
has elements of both a command economy and a traditional economy.
has elements of both football and volleyball
8
The traditional economic system's decisions are made by supply and demand.
False
True
9
The market economy is based on
Bananas
Supply and Demand
the government
How much money you have in your pocket.
10
What question is not asked in all economic systems?
How will the product be made?
Who are we making the product for?
What product will be made?
What color should the product be?
