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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
25 terms
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StudBud Administration
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A quiz quiz to review economic systems and Ch. 3 of Econ Alive! The Power to Choose
Flashcards
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Questions
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Answers
1
What drives economic decisions in a traditional economy?
Profit
Equality
Government
Tradition
2
In both Circular Flow Models households provide what resource the most to firms/businesses?
Land
Labor
Entrepreneurship
Capital
3
In a free market Circular Flow Model, businesses provide _________ in exchange for money.
Labor
Protection
Taxes
Goods and Services
4
Which is NOT one of the 3 basic economic questions?
What to produce
How to produce
For whom to produce
Why are we producing
5
Laissez-faire means what?
Equality for everyone
FREEEEEEDOOOOOOOOM!
Competition is good
Government is 'hands off'
6
Which country is considered to have the first Modern Command Economy?
North Korea
China
U.S.S.R
Wakanda
7
Which country is considered the most economically free?
North Korea
Singapore
Estonia
United States
8
In past command economies, the governments were usually _____________.
Socialist
Democracies
Communist
Monarchies
9
How goods are distributed fits under which economic question?
What do we produce?
How do we produce things?
What even is economics?
For whom do we produce?
10
In the Soviet Union who decided what was produced?
Workers
Central Planning Committee
Businesses
God
11
Find the capital i.
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12
The ability to make our own economic decisions without interference is defined as what?
Economic Efficiency
Economic Stability
Economic Equity
Economic Freedom
13
Which economic goal is defined as having things there when we need them?
Efficiency
Stability
Security
Dependability
14
Communism and socialism sought what economic goal above all else?
Stability
Security
Freedom
Equity
15
'All people having their needs met' is the definition of Economic _______.
Growth
Equity
Security
Stability
16
Who was the father of socialism/communism?
Mark Cuban
Karl Marx
Adam Smith
Elon Musk
17
In a true market economy, decisions are made by _________________.
No one
Businesses
Government
Individuals
18
Capitalism's main goal was to provide economic _____________.
Stability
Growth
Equality
Freedom
19
Which of these countries in NOT considered a modern communist society?
South Korea
Cuba
Laos
China
20
In economics, what term do we use to mean 'making the most of your resources'?
Scarcity
Competition
Efficiency
Entrepreneurship
21
Which is the oldest type of economic system?
Mixed
Command
Free market
Traditional
22
13th Letter of the Alphabet:
O
L
M
P
23
An economy with a combination of government control and individual freedom is called what?
Command
Mixed
Free
Communist
24
Where might you find "cradle to grave" programs?
United States
Cuba
North Korea
Canada
25
Which of these is the best example of government involvement in a mixed system?
Doing nothing
Paying wages
Providing highways and public libraries
Distributing goods
