stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 2: Economic Systems (with austin powers) Flashcards | StudBud
Explore
/
Unit 2: Economic Systems (with austin powers)
Unit 2: Economic Systems (with austin powers)
11 terms
·
StudBud Administration
·
403 plays
#ok
Flashcards
11 cards
F
Practice quiz
P
Host live
L
Questions
11
Answers
1
what is voluntary exchange?
barack obama
profits you have
getting coin
buyers and sellers freely interacting in the market
2
what are the 3 types of economies?
socialism, communism, mercantilism
tadpole, frog, death
traditional, command, market
capitalism, mercantilism, bartering
3
what is one disadvantage of command economies?
offers cheap services
lack of competition
based on customs
lots of personal freedom
4
which is one of the 5 benefits of free enterprise?
market economy
individual freedom
economic freedom
competition
5
what is one advantage of a traditional economy?
lots of personal freedom
command = communism
there is a sense of security
it is stable and predictable
6
what is one disadvantage of a traditional economy?
can change quickly
many product choices
polar bears
shows a lack of economic progress
7
Does a market economy actually have any disadvantages?
absolutely not
yes
yes (but in communism)
yes
8
statistics or fake news?: freedom is an advantage of a market economy
statistics
fake news
9
what is one example of an advantage in a command economy?
basic health and education services at little to no cost
sense of security
stable
can change quickly
10
what is a mixed economy a combination of?
ownership, GDP, butter
taxes, subsides, income
traditional, command, and market economies
services, goods, magic
11
what are resources privately owned that allows competition with little gov interference?
private property
competiton
free enterprise
profit motive
