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Duplicate of Economics Systems Review Flashcards | StudBud
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Duplicate of Economics Systems Review
Duplicate of Economics Systems Review
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StudBud Administration
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17 questions about economics covering from the systems to the policies.
Flashcards
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Questions
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Answers
1
What is another name for an entrepreneur?
Financial Advisor
Investor
Consumer
Business Owner
2
How many basic economic questions must every economic system answer?
7
3
2
9
3
What type of economy does the USA have?
Mixed
Command
Traditional
Market
4
Which question does NOT fit into the questions economic systems answer?
how to produce it
what to produce
where to sell it
who to produce it for
5
There is no pure ___________ economic system.
Communism
Market
Traditional
Mixed
6
In a command economy the decision on who to sell the goods to is decided by who?
Consumers
The producers
Federal reserve
The government
7
What type of economy does the government control everything?
Market Economy
Traditional Economy
Command economy
Mixed Economy
8
The primary motivating factor in a market economy is...
profit
market stability
business growth
quality goods
9
Economics is the study of how to use limited resources to satisfy unlimited what?
wants & needs
decisions
supply
money
10
This image portrays which economic system?
Socialism
Traditional
Communism
Market
