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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Economic Systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
In a command economy all of the wants and needs are provided by government.
True
False
2
In a mixed economy the government provides the wants and the market provides the needs.
False
True
3
In a market economy all of the wants and needs are provided by the market.
True
False
4
Most nations in the world have a command economy.
True
False
5
The primary goal of an economic system is to provide people with a minimum standard of living.
False
True
6
What is a command economy?
Controlled by the government
Controlled by the people.
Controlled by the market
Controlled by the president.
7
Name a country that has a command economy.
China
United States
France
England
8
What kind of economic system does the United States have?
Mixed
Market
Socialist
Command
9
What are natural resources?
Raw materials found in nature used to produce goods.
People's knowledge, efforts and skills.
Raw materials that come out of a lab.
Raw materials that come from the government.
10
What is a traditional economy?
An economy that is controlled by the market.
An economy that is based on what your ancestors did.
An economy that the government maintains.
There is no such thing as a traditional economy.
