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Duplicate of Economic Systems Grade 9 Flashcards | StudBud

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Duplicate of Economic Systems Grade 9

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Questions 10

Answers

1
Which country has the most extreme example of a command economy?
North Korea
Botswana
Saudi Arabia
Cuba
2
When something is scarce there is .....
you cannot buy it
it does not exist
an Unlimited supply of it
there is a Limited supply of it
3
Who answers the economic questions in a Traditional Economy?
Traditions of the Community
Consumers
Resources
Government
4
In which system are the production and distribution of goods owned by people and companies?
Market
Planned
Traditional
Communist
5
Name the 3 basic economic systems
Market, Planned, Traditional
Traditional, Mixed, Planned
Planned, Mixed, Market
Barter, Mixed, Planned
6
3 questions that must be answered by an economic system
what to produce, how to produce, how much to produce
what to produce, how to produce and why to produce
how to produce, when to produce and how much to produce
what to produce, how to produce and for whom to produce
7
The main characteristic of a Market Economy is...
governement and private businesses work together
they follow tradition
Government has full control
government has no control
8
Who controls the distribution of resources in a Command/Planned Economy?
Businesses
Traditions
Consumers
Government
9
Which is the best example of a Traditional economic system?
paying cash
using my credit card
Bartering goods with other
selling fresh produce for money
10
A person who takes a risk to start their own business is
a businessman
a good oke
an entrepreneur
an intrepreneur