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Types of economic systems Flashcards | StudBud
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Types of economic systems
Types of economic systems
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Questions
7
Answers
1
Which four countries are well known for their Command Economies (Communism or Socialism)?
China, North Korea, South Korea, and Japan
Soviet Union, Cuba, North Korea, and Venezuela
Soviet Union, Cuba, South Korea, and Venezuela
China, Cuba, South Korea, and Sweden
2
Which term refers to the concept of private ownership of resources for individual profits?
Market
Capitalism
Traditional
Command
3
Which feature of Japan's capitalism that would be
illegal
in the US?
Perestroika
Gosplan
Domo Arigato Mr. Roboto
Keiretsu
4
Which economic system is the
most
flexible?
Free Market
Socialism
Command
Traditional
5
Which capitalist country is know for having a very generous social benefits program?
Singapore
China
U.S.
Sweden
6
Which term refers to a classless society where everybody works towards a common goal?
Capitalism
Traditional
Communism
Socialist
7
Which term refers to the economic sector where goods and services are sold
illegally
?
Black Market
Free Market
Market Economy
Flea-Market
