stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics and Economic Systems Compared #1 Flashcards | StudBud
Explore
/
Economics and Economic Systems Compared #1
Economics and Economic Systems Compared #1
11 terms
·
StudBud Administration
·
845 plays
This is a review of basic information about economics and economic systems.
Flashcards
11 cards
F
Practice quiz
P
Host live
L
Questions
11
Answers
1
This is usually what is charged to someone buys something on credit.
interest
tax
profit
loss
2
How many basic economic questions are there?
1
3
4
2
3
Which econ. system would result in the following situation over the years? Look closely.
communism
capitalism
socialism
4
How many types of productive resources are there?
4
2
1
3
5
This is the economic concept when prices go down over time.
deflation
inflation
depression
recession
6
Econ. system that has high taxes so people can have free healthcare and schooling.
socialism
communism
capitalism
7
Which econ. system involves the freedom to compete keeping prices low and quality high?
capitalism
communism
socialism
8
Which econ system involves government owning all of the means of production (eg. factories)?
capitalism
socialism
communism
9
What is it called when ONE company essentially controls an entire industry?
monopoly
corporation
taxation
profit
10
The basic economic problem deals with the issue of ...
deflation.
oversupply.
inflation.
scarcity.
11
Which econ. system involves private ownership, but with regulation of many businesses?
socialism
communism
capitalism
