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Economic Systems SOL CE 11B Flashcards | StudBud
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Economic Systems SOL CE 11B
Economic Systems SOL CE 11B
15 terms
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StudBud Administration
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#Economics #Systems #SOLCE11
Flashcards
15 cards
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Questions
15
Answers
1
What economy lacks individual choice and is controlled and planned by the government?
Traditional
Mixed
Command
Free Market
2
What economy is based on profit, competition, and has no government involvement?
Command
Mixed
Free Market
Traditional
3
Put the economies in order from most to least government involvement.
Mixed, Command, Free Market
Command, Free Market, Mixed
Command, Mixed, Free Market
Free Market, Command, Mixed
4
Which of the following is a capital resource?
Machine used to make a pencil
Workers in the pencil factory
The person who invented the pencil
The wood used to produce the pencil
5
What form of economy do we have in the United States?
Mixed
Command
Traditional
Free Market
6
Which of the following is
NOT
a question all economies must answer?
How much will goods and services cost?
What goods and services will be produced?
Who will produce the goods and services?
For whom are the goods and services being produced?
7
Which economic system is characterized by limited consumer choice?
Free Market Economy
Traditional Economy
Mixed Economy
Command Economy
8
What factor determines the form of economy a nation has?
government involvement
population
age
number of businesses
9
What economy is based on custom and historical precedent and is a very simple form of economy?
Command
Traditional
Free Market
Mixed
10
Which of the following is an example of a human resource?
The person who decided to put erasers on them
The workers in the pencil factory
The person who invented the pencil
All of these
11
The highest valued alternative given up when you make a choice is the ...
Trade Off
Opportunity Cost
Incentive
Price
12
All of the following are true except...
When demand is low, price is low.
When supply is high, price is high.
When demand is high, price is high.
When supply is low, price is high.
13
What problem does every economy no mater the form have to deal with?
taxes
production
scarcity
incentives
14
What/who is in charge of a command economy?
Government
Businesses
Taxes
Consumers
15
What economy has shared decision-making between government and individuals, most popular?
Command
Traditional
Mixed
Free Market
