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Economy
Economy
10 terms
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StudBud Administration
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A review of economic terms and types of economies
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The government controls which economic type?
Market
Supply and Demand
Command
Traditional
2
Capitalism is part of which economy?
Command
Supply and Demand
Traditional
Market
3
Private ownership of production can be found in this economic system
Traditional
Capitalism
Communism
Mixed
4
An economic system that has been handed down through generations is called
Traditional
Command
Market
Mixed
5
What the market wants is called
Demand
Supply
Shortage
Command
6
A combination of economies is called a
Market Economy
Traditional Economy
Mixed Economy
Command Economy
7
What determines the price of goods in a free market?
The Producer
Government
Supply and Demand
Laissez Faire Economics
8
Adam Smith's Idea that the government should not be involved in the economy is called
Economics
Supply and Demand
Wants
Laissez Faire Economics
9
Traditional Economies are know for being
Always changing
Productive
Inefficient
Efficient
10
Which is not one of the 3 fundamental economic questions?
For whom to produce
How to produce
When to produce
What to produce
