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Economic Systems and Review Flashcards | StudBud
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Economic Systems and Review
Economic Systems and Review
7 terms
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StudBud Administration
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29 plays
Take up the video questions about economic systems and review other content
Flashcards
7 cards
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Questions
7
Answers
1
Which of the following is not a factor of production?
Labour
Values
Land
Capital
2
Which of the following is NOT a basic economic question?
How should we produce it?
What should we produce?
Why should we produce it?
For whom should we produce it?
3
Self-interest is most similar to
satisfaction
utility
greed
capitalism
4
Economists have no solutions because solutions depend on
the market
values
government decisions
having more data
5
What do many command economies end up looking like in practice?
communism
black markets
socialism
free markets
6
Who came up with the idea of the Invisible Hand?
Karl Marx
Gordon Gecko
Adam Smith
David Ricardo
7
A command economy is the same as a
traditional economy
capitalist market
underground economy
planned economy
