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Economic Systems
Economic Systems
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StudBud Administration
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A quiz on the various types of economic systems
Flashcards
10 cards
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Questions
10
Answers
1
Which of these IS NOT a disadvantage of command economies
There are often shortages of goods and services
The wants of individual consumers are rarely considered
Economic decisions are usually wrong
Individuals act in their own self-interest in making choices
2
To address scarcity, societies must address all of these
When it will be produced
What should be produced
For whom will it be produced
How it should be produced
3
An economic system where goods and services are provided the way they have always been done
Market Economy
Traditional Economy
Command Economy
Mixed Economy
4
An economic system where there is no private ownership of property
Communism
Authoritarian
Socialism
5
A German philosopher and economist who fought for the rights of the working class.
Karl Marx
Friedrich Engels
Joseph Stalin
Mark Blaug
6
An economic system that requires absolute obedience to authority
Authoritarian
Communism
Socialism
7
This economy is based on individual choice, not government directives
Mixed Economy
Market Economy
Traditional Economy
Command Economy
8
In this economy, the government decides what goods and services will be produced
Traditional Economy
Command Economy
Mixed Economy
Market Economy
9
North Korea would be a good example of this economic system
Traditional
Mixed
Market
Command
10
An economic system where the government owns some or all of the factors of production
Communism
Authoritarian
Socialism
