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Economic Systems Review Flashcards | StudBud
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Economic Systems Review
Economic Systems Review
24 terms
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StudBud Administration
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46 plays
Ch. 1-2
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
Which economy is fairly stable, since people do what their parents did, generation after generation?
Market/Capitalist Economy
Command/Communist Economy
Mixed Economy
Traditional Economy
2
Most countries in the world today are what type of economic system?
Traditional Economy
Mixed Economy
Market/Capitalist Economy
Command/Communist Economy
3
What type of economic system is BEST represented by this image?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
4
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Command/Communist Economy
Mixed Economy
Market/Capitalist Economy
Traditional Economy
5
What type of economic system is BEST represented by this image?
Command/Communist Economy
Mixed Economy
Market/Capitalist Economy
Traditional Economy
6
Which of these is a historical example of a Market/Capitalist Economy?
Feudalism in Europe
Soviet Union under Communism
U.S. during the Gilded Age (Industrial Revolution)
7
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
True
False
8
Which of these was our historical example of a Command Economy?
Feudalism in Europe
U.S. during the Gilded Age
Soviet Union under Communism
9
"A way of deciding what to produce and how it is distributed." This is a definition of ...
bartering
communism
economic system
capital
10
Which of these puts feudal society in the correct order, from top to bottom?
king, serfs, knights, nobles
kings, nobles, knights, serfs
nobles, king, knights, serfs
king, knights, nobles, serfs
11
What type of economic system is totally controlled by the government?
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
Traditional Economy
12
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Mixed Economy
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
13
What type of economic system is BEST represented by this picture?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
14
Which type of economy BEST attempts to distribute goods and services equally?
Mixed Economy
Market/Capitalist Economy
Command/Communist Economy
Traditional Economy
15
What type of economic system is BEST represented in this image?
Traditional Economy
Mixed Economy
Market/Capitalist Economy
Command/Communist Economy
16
Which of these was used as our historical example of a Traditional Economy?
Feudalism in Europe
Soviet Union under Communism
U.S. during the Gilded Age
17
Which type of economy BEST allows some people to become very rich while others may be poor?
Traditional Economy
Command/Communist Economy
Mixed
Market/Capitalist Economy
18
What type of economic system is based largely on agriculture and trading of goods and services?
Traditional Economy
Command Economy
Mixed Economy
Market/Capitalist Economy
19
What person is MOST associated with a Command/Communist Economy?
Karl Marx
Adam Smith
20
What person is MOST associated with a Market/Capitalist Economy?
Karl Marx
Adam Smith
21
bartering and trading a paperclip is an example of what type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
22
Sometimes employers take advantage of or abuse workers in which type of economic system?
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
Traditional Economy
23
What economic system is about freedom and choice to use money and resources however you want?
Command/Communist Economy
Market/Capitlist Economy
Mixed Economy
Traditional Economy
24
What is the oldest types of economic system?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
