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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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#economics
Flashcards
25 cards
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Questions
25
Answers
1
Amish villages do not change and produce just for themselves. Which type of economy is this?
feudalism
centrally planned
market
traditional
2
What does a centrally planned economy oppose that a free market economy encourages?
competition
private property
freedom
all of the above
3
Which is found in a market economy?
competition
Government control of industry
guaranteed yearly pay raises
Government control of agriculture
4
The economic system of communist countries is most closely related to which of the following?
market
centrally planned
traditional
supply and demand
5
Which of the following best describes a market economy?
The government provides food and housing to all workers
National businesses, like airlines, are government owned
a person can start any legal business and charge any price
The government provides services, like phones and TV
6
Contest for the dollars of consumers is called:
innovation
profit
specilization
competition
7
In which economy does the government make all the decisions?
free market
centrally planned
mixed
traditional
8
Which term best describes an economics system in which the people own land and businesses?
traditional
market
centrally planned
communism
9
Which of the following is not one of the basic economic questions answered by a country?
What kind of currency will be used
Who will get what is produced
How will things be produced
What will be produced
10
The economic system of the Soviet Union falls into which category?
traditional
market
capitalism
centrally planned
11
The method used by a society to produce and distribute goods and services is called:
economic system
profit
socialism
safety net
12
Which shows a traditional economic system?
charging goods on a credit card
paying for food with cash
trading one good for another
paying for a service by check
13
Which country is the only one that is truly a perfect free market?
there is none
New Zealand
Canada
USA
14
A government program that protects people facing unfavorable economic conditions:
economic equality
safety net
profit
economic system
15
What do people supply in return for factor payments?
innovation, profit, and goods
land, labor, capital
service, goods, traditions
innovation, labor, trade
16
The economic system of the United States is most closely related to which of the following?
traditional
centrally planned
market
supply and demand
17
What happens in the product market?
Firms purchase factors of production from households
Income is received by households
Households purchase goods/services produced by firms
Government collects taxes from firms and households
18
Concentrating on one activity is known as:
safety net
laissez faire
specilization
consumer soverignty
19
What is a mixed economy?
an economy that combines market and centrally planned
a communist economy
an economy that needs more government intervention
an economy that with lots of different races of people
20
Which country is the only one that has a truly centrally planned economy?
China
North Korea
Cuba
South Korea
21
An organization that uses resources to produce a good or service, which is then sells is a:
Firm
Institute
Household
Government
22
Money a business earns after expenses is called:
profit
incentive
opportunity cost
factor cost
23
Any arrangement that allows buyers and sellers to exchange things is called:
self interest
market
competition
circular flow
24
Which of the following is characteristic of traditional economies?
They revolve around the family
They have a high standard of living
They encourage change
They are based on industry
25
In most centrally planned economies the government determines what gets produced
True
False
