stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Econ Review Flashcards | StudBud
Explore
/
Econ Review
Econ Review
10 terms
·
StudBud Administration
·
291 plays
#Econ quiz
Flashcards
10 cards
F
Practice quiz
P
Host live
L
Questions
10
Answers
1
In this economic system, change is discouraged because of status quo.
TRADITIONAL ECONOMY
MIXED ECONOMY
COMMAND ECONOMY
CAPITALIST ECONOMY
2
It focuses on equality instead of individuals when distributing goods and services.
MARKET ECONOMY
TRADITIONAL ECONOMY
MIXED ECONOMY
COMMAND ECONOMY
3
This type of economic structure has no economic policy.
MARKET ECONOMY
CAPITALIST ECONOMY
TRADITIONAL ECONOMY
SOCIALIST ECONOMY
4
Events like Christmas and New Year affects Supply and Demand
False
True
5
Entrepreneurship is not necessary in the factors of production
False
True
6
It is when the country sells its goods to other countries.
Business
Governance
Export
Import
7
It tries to balance social welfare and political freedom, and individual liberties.
SOCIALIST
MARKET ECONOMY
CAPITALIST
MIXED ECONOMY
8
A situation where supply is greater than demand.
Surplus
Waste
Shortage
Recession
9
The key economic functions of what, how, and what for, are determined by the central authority.
COMMAND
SOCIALISM
CAPITALISM
PRESIDENT
10
It is the price at which quantity demanded is equal to quantity supplied.
Normative Price
Equal Price
Exact Price
Equilibrium Price
