What is a role of Government in Market Economies?

Produces public goods and sevices

What is Command Economies?

Government owns andoperates all the means of production and distribution

What does a communist government NOT do?

Controls the military police forces

What does the government do in welfare states

provides citizens with free medical care, education etc.

What are Traditional Economies?

Based on traditions passed on through geneartions

studbud

Types of Economic Systems 2.03

20 termsStudBud Administration35 plays

Imported from external platform

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
What is a problem with market economies
No competition
Equal incomes
Financial and/or legal risk
Efficient production
2
Which is not an example of Traditional ecoonomies?
Homes in New York
Amazon rainforest communities
Villages in the Andes Mountains
Rural areas in Africa
3
Economic systems are needed because our wants are unlimited but our rescorces are not.
False
True
4
What is a problem with Communist Economies?
Few quality consumer goods
Efficient production methods
More economic development
MUltiple opportunities for workers to improve their situation
5
Problems with traditional econimes
Few new ideas
No new technology
Little or no growth or improvment
All of the above
6
What is a role of Government in Market Economies?
Produces public goods and sevices
Controls the economy
Produces food
Works increase economic problems
7
What is a problem with socialist economies
More quality consumer goods
All of the above
High taxes
Effiecient production
8
What are Traditional economies also called?
Subsistence systems
Substitute systems
Replacemant systems
None of the above
9
Which of the following is NOT an element of all economic systems?
Resources
Participants
Medium of exchange
Technology
10
Which is an example of communism?
China
All of the above
Cuba
North Korea
11
United states is an example of Market Economies
False
True
12
What are socialist countries often called?
controlled states
United states
United countries
Welfare states
13
What is Command Economies?
Makes all economic decisions
Government owns andoperates all the means of production and distribution
Does not allow people to invest in the economy
None of the above
14
What does a communist government NOT do?
Sets all of the wages, prices and production quotas for businesses
Makes all economic decisions and controls the economy
Controls the military police forces
Does all economic planning
15
2 primary types of command economic systems are (Communism and Socialism)
True
False
16
What does the government do in welfare states
absolutely nothing
provides citizens with free medical care, education etc.
make ham sandwichs
none of the above
17
What are Traditional Economies?
None of the above
Everyday jobs
Engineers
Based on traditions passed on through geneartions
18
Which is a type of economic system
Traditional
Market
All of the above
Command
19
A commununist government allows people to invest in the economy
True
False
20
Which is an example of Socialism?
Unites states
China
Norway
All of the above

Types of Economic Systems 2.03 Flashcards | StudBud