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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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An #economics quiz for understanding the basics of #economic systems.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
"Centrally Planned" is another term for what economic system?
Market
Traditional
Command
Mixed
2
Which of the following is an advantage of command economies?
Problems like shortages and surpluses are rare.
Decisions are well informed by consumers and producers.
The survival of the people is ensured.
The economy attempts to provide for everyone's needs.
3
Which economic system is based on following established customs?
Traditional
Market
Mixed
Command
4
What economic system is based mainly on personal choice?
Mixed
Command
Traditional
Market
5
What system involves having the government make most economic decisions?
Traditional
Command
Mixed
Market
6
What economic system is based mainly on personal choice?
Command
Traditional
Market
Mixed
7
What system involves having the government make most economic decisions?
Traditional
Mixed
Command
Market
8
The government owns some, but not all basic resources under which system?
Socialism
Communism
Market Economy
Traditionalism
9
(Challenge) Businesses are customers and individuals are producers in the
Factor Market
Pure Market
Government Market
Product Market
10
Which economic system is based on following established customs?
Market
Mixed
Traditional
Command
11
Which system allows for no ownership of private property?
Feudalism
Communism
Capitalism
Socialism
12
What system involves having the government make most economic decisions?
Mixed
Market
Command
Traditional
13
In a market economy the real power is held by
Sellers
Consumers
Government
Producers
14
Which economic system is based on following established customs?
Traditional
Market
Command
Mixed
15
What economic system is based mainly on personal choice?
Market
Mixed
Command
Traditional
