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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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1
Which of these puts feudal society in the correct order, from top to bottom?
kings, nobles, knights, serfs
king, serfs, knights, nobles
nobles, king, knights, serfs
king, knights, nobles, serfs
2
What type of economic system is BEST represented by this image?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
3
What is the oldest types of economic system?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
4
Which economy fairly stable, since people what their parents did, generation after generation?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
5
Which type of economy BEST attempts to distribute goods and services equally?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
Mixed Economy
6
Most countries in the world today are what type of economic system?
Market/Capitalist Economy
Command/Communist Economy
Mixed Economy
Traditional Economy
7
What economic system is about freedom and choice to use money and resources however you want?
Command/Communist Economy
Market/Capitlist Economy
Traditional Economy
Mixed Economy
8
What type of economic system is BEST represented in this image?
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
Traditional Economy
9
What type of economic system is based largely on agriculture and trading of goods and services?
Market/Capitalist Economy
Mixed Economy
Traditional Economy
Command Economy
10
What person is MOST associated with a Command/Communist Economy?
Adam Smith
Karl Marx
11
Which of these was our historical example of a Command Economy?
Feudalism in Europe
U.S. during the Gilded Age
Soviet Union under Communism
12
Sometimes employers take advantage of or abuse workers in which type of economic system?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
13
Which type of economy BEST allows some people to become very rich while others may be poor?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed
14
We played a Coffee Shop game as an example of what type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
15
What type of economic system is BEST represented by this picture?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
16
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
17
What person is MOST associated with a Market/Capitalist Economy?
Adam Smith
Karl Marx
18
We watched people barter and trade a paperclip as an example of what type of economic system?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
19
What type of economic system is BEST represented by this image?
Market/Capitalist Economy
Command/Communist Economy
Traditional Economy
Mixed Economy
20
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
Mixed Economy
21
"A way of deciding what to produce and how it is distributed." This is a definition of ...
communism
bartering
capital
economic system
22
Which of these was used as our historical example of a Traditional Economy?
Feudalism in Europe
U.S. during the Gilded Age
Soviet Union under Communism
23
What type of economic system is totally controlled by the government?
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
Traditional Economy
24
Which of these was our historical example of a Market/Capitalist Economy?
U.S. during the Gilded Age
Feudalism in Europe
Soviet Union under Communism
25
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
True
False
