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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Questions
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Answers
1
Economic decisions are made based solely on the interaction of supply and demand in this system
Socialist
Market
Mixed
2
Most countries combine these 2 economies to create a mixed economy
Market & Traditional
Traditional & Command
Command & Market
3
Markets, private property, competition & profits are the major characteristics of -
Laissez-faire economics
Capitalism
opportunity costs
4
Most countries with a high per capita GDP have
Mixed/market economies
command economies
Trade deficits
5
This type of economy is featured in the US
Market
Command
Mixed
6
This occurs between sellers keeping costs low and quality of goods/services high
profits
exchanges
competition
7
He wrote the book
Wealth of Nations
, providing the basic philosophy for a capitalist system
John Locke
Adam Smith
Karl Marx
8
Which of the following best defines the underlying principles of the free enterprise system.
Anyone can go into business after getting a business degree
Anyone can go into business for him/herself
Anyone can go into business with permission from the gov't
9
He believed Socialism would develop into Communism eliminating the need for Govt
Karl Marx
Franklin Hobby
Adam Smith
10
Who owns the factors of production in a command economy?
Mass media
Individual citizens
the Gov't
