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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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Designed for 7th Grade Geography class unit covering economic systems.
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
What is the governments roll under a mixed economy?
Support Market Price
Decide Quantity of goods produced
supports and regulatesfree enterprise through decisions.
2
System inwhich the government supports free enterprise through decisionsthat affect the market.
Traditional
Command
Market
Mixed
3
What social services would a government offer?
housing + health care for all citizens.
money for the people
Financial Assistance
Health care only
4
What is used to ensure decisions are executed under command/communist economy?
Political Party
Sellers
People
purchasers
5
Economic System in which habit and custom determine the rules for all economic activity.
Traditional
Market
Command
6
What do people choose under the Market system?
Decide how much a company will charge for its products.
choose products they will or will not buy as shoppers
color of the product
7
What is the goal of Socialism?
financial return
equal distribution of wealth
balanced economy
8
requires strict government control of almost entire society + economy
Free Enterprise
Socialism
Communism
Command Ecnomy
9
What is controlled under democratic Socialism?
Imports
Certain industries
Financial centers
Eports
10
Which is not one of the three economic types?
Traditional
Market
Command
Domestic
11
What determines the difference between communism and socialism?
amount of government involvement
goods produced.
Money
types of factores
12
What are market economies based upon?
Price
Product availability
Constant Factors
Free Enterprise
13
What won't businesses do under a command economy?
Determine who will buy goods
Make their own decisions
Set their own price
determine how much they will produce
14
Belief that economic decision making benefits all of society and not just a few people
Mixed Economy
free Market
Command Economy
15
Economic System in which individuals and private groups make decisions about what to produce.
Traditional
Market
Command
16
An example of a pure market economy is
United States
Saudi Arabia
Mexico
Does not exist
17
democracies + people have basic human rights +elect political leaders
Communism
Deomcracy
Democratic Socialism
Command Economy
18
Economic system in which the government makes all decisions.
Command
Traditional
Mixed
Market
19
Which is not one of the three decisions economic systems must make?
How goods should be produced?
How much goods should cost?
Who gets the goods and services?
What and how many goods can be produced?
20
have the right to own property or businesses, make profit with limited government interference.
Governments
Private Individuals or groups
Markets
