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Economic Systems Flashcards | StudBud

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Economic Systems

7 terms·StudBud Administration·67 plays

Quiz over Economic Systema

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Questions 7

Answers

1
What is NOT a characteristic of a market economy
consumers decide what they will produce and purchase
law of supply & demand
market decides what prices that will be charged
central government decides what, how goods are produced
2
What is NOT a characteristic of a mixed economy
Government protects consumers by the regulation of industry
Government takes care of people’s needs
found in North Korea and Cuba
combination of a market and a command economy
3
What is an example of a traditional economy
Amazon Tribes in Brazil
United States of America
North Korea
China
4
An example of a mixed economy is
Cuba
Peoples Republic of China
Vietnam
United States
5
one example of a command economy is
North Korea
United States
United Kingdom
Canada
6
What is China's new Economic Model called
Socialist Market Economy
Traditional Economy
Free Market
Communism
7
What is NOT a characteristic of a Traditional Economy
state decides how much of a product to manufacture
specified gender roles
centered around the family or ethnic unit
found in underdeveloped economies