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Economic Systems
Economic Systems
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Economic Systems
Flashcards
15 cards
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Questions
15
Answers
1
In a traditional economy...
Tradition and customs greatly influence economic decisions
Government directs and controls the means of production
Supply and demand regulate prices
Large businesses are motivated by profit
2
The interaction of supply and demand, Profit Incentive, and Entrepreneurs are...
A socialist economic system
Types of economic systems
characteristics of a free enterprise economy
cottage industry
3
Which is an example of humans adapting to their environment?
desalinization plant
political boundaries
command economies
4
This is a central characteristic of a free market economy
All wage earners paid the same
Government owns means of production
Businesses are driven by the desire for profit
The government bans all labor unions
5
The form of government in which the power is entrusted to the hands of a king and queen
Monarchy
Oligarchy
Dictatorship
Democracy
6
Who makes all of the economic decisions in a communist economic system?
Business Leaders
Farmers
Consumers
Government Officials
7
Subsistence Farming =
The government decides which crops will be grown
Farmers raise just enough crops for their family
8
Native groups, tribes, and clans would most likely be categorized as what type of economy?
Market Economy
Traditional Economy
Free enterprise
Communist Economy
9
This is a NEGATIVE impact of the modern tractor
increased use of nonrenewable resources
High labor maintenance costs
Overpopulation of horses
inefficient new farming methods
10
Beijing has lots of pollution because of all of the following EXCEPT-
Industry
Population
Religion
Politics
11
In which economic system would you expect wide selection of consumer goods?
Socialist
Communist
Traditional
Free Enterprise
12
What forces play the greatest role in the distribution of goods and services in free enterprise
government officials and the military
Producer supply and consumer demand
village elders and community leaders
court rulings and expert opinions
13
Because of its climate and soils, Columbia grows coffee beans. This is an example of...
Natural resources are more important than climate
Columbias physical geography determines its econ activity
Major urban centers along a river
14
Russia, Cuba, North Korea and Vietnam are all examples of which type of economy?
Market Economy
Communist(Command) Economy
Socialism
Mixed Economy
15
What major economic question(s) should every country answer?
What should we produce?
Who will get the goods that we produce?
All of the Above
How should we produce it?
