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Economic Systems
Economic Systems
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StudBud Administration
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SS6E7 Students will be able to analyze different economic systems.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
An economic system heavily influenced by habits, customs, and religious beliefs.
Command
Market
Traditional
Mixed
2
Considered synonymous with a capitalistic economy.
Traditional
Command
Mixed
Market
3
Individual purchasing decisions determines the types of products and services offered.
Command
Market
Traditional
Mixed
4
Prices are influenced by supply and demand.
Command
Mixed
Traditional
Market
5
An economic system that combines elements of all the other basic systems.
Traditional
Command
Mixed
Market
6
Privately owned factors of production
Traditional
Mixed
Command
Market
7
Government owns natural and capital resources.
Mixed
Command
Traditional
Market
8
Considered synonymous with either a communist or socialist economy.
Mixed
Market
Traditional
Command
9
Characterized by very low unemployment rate.
Traditional
Mixed
Market
Command
10
Individual freedom is limited.
Mixed
Market
Traditional
Command
