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Review of Economic Systems Flashcards | StudBud
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Review of Economic Systems
Review of Economic Systems
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Economic Systems
Flashcards
11 cards
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Questions
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Answers
1
What are the three basic questions every economy must answer?
What, How, For Whom
When, What, How
Who, What, When
2
Who is credited with the creation of the Command Economy?
Karl Marx
Adam Smith
3
Which American Economy Characteristic listed below is protected specifically in the Constitution?
Private Property
Competition
Health
Profit
4
According to Adam Smith "Invisible Hand"What are the two regulating factors in a Market Economy?
Self Interest and Competition
Interest and Income
Regulation and Rules
Competing Interests
5
In a command economy all of the wants and needs are provided by government.
True
False
6
Which of these is a Centrally Planned economic system?
Socialism
Market
Capitalism
Command
7
The Invisible Hand and Free Market Economy was created by this person.
Adam Smith
Karl Marx
Taylor Swift
George Washington
8
What is a traditional economy?
There is no such thing as a traditional economy.
An economy that is based on what your ancestors did.
An economy that is controlled by the market.
An economy that the government maintains.
9
Mixed economies are a mix between what two economic systems?
Command and Traditional
Traditional and Market
Command and Market
10
Laissez - Faire translates to ...
Lazy is fair
Pass the salt
Competition is good
Hands - Off
11
This economic philosophy believes in "cradle to grave" support.
Socialism
Capitalism
None of the them
