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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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A unit review of major economic systems and economists for a Freshman #Economics Course.
Flashcards
15 cards
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Practice quiz
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Host live
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Questions
15
Answers
1
What economic system relies heavily on customs of the group to make decisions?
Traditional Economy
Command Economy
Mixed Economy
Market Economy
2
What economic system is completely controlled by a central authority, usually the government?
Market Economy
Command Economy
Traditional Economy
Mixed Economy
3
What is a system in which the gov't controls all resources and distributes them to the people?
Capitalism
Free Market
Communism
Socialism
4
What system allows people to make economic decisions without gov't control in a market economy?
Communism
Free Market
Socialism
Capitalism
5
What is one of the two economic systems that combine to create a mixed economy?
Traditional Economy
Command Economy
Market Economy
6
What is a system where the gov't controls important resources & leaves the rest to the market?
Communism
Socialism
Capitalism
Free Market
7
Who argued that workers would eventually rise up in revolt to create a classless society?
Adam Smith
Milton Friedman
Thomas Malthus
Karl Marx
8
What economic system is completely controlled by individuals and private companies?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
9
Which of the following is
NOT
an advantage of a command economy?
Consumer demands are usually met
Prices generally remain stable
Unemployment usually is low
People generally have their basic needs met
10
Who decides what to produce in a command economy?
Tradition
Government
Individuals
11
Who argued that government spending actually limited individuals' choices, slowing the economy?
Milton Friedman
Thomas Malthus
John Maynard Keynes
Thomas Malthus
12
Who argued that competition regulates the economy better than the government can?
Adam Smith
Milton Friedman
Karl Marx
John Maynard Keynes
13
What is a system where people choose how to save and use resources as capital?
Communism
Capitalism
Free Market
Socialism
14
What economic system doesn't actually exist in the real world?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
15
Which economic system is best for the environment, but is unable to grow very large?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
