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Duplicate of Chapter 2 : Economic Systems Flashcards | StudBud
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Duplicate of Chapter 2 : Economic Systems
Duplicate of Chapter 2 : Economic Systems
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StudBud Administration
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
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Questions
12
Answers
1
Bringing newer or better methods, products or ideas into use.
Regulation
Competition
Incentive
Innovation
2
Which of the following countries has a Command Economy?
Japan
None of the Above
North Korea
France
3
The contest or rivalry between firms or people to sellgoods and services
Regulation
Competition
Innovation
Incentive
4
What is the french term meaning "leave things alone"?
au revoir
sacre bleu
laissez faire
omelette du fromage
5
Which economic system is based on individual choice?
Market
Mixed
Traditional
Command
6
In which economic system does the government decide what goods and services will be produced?
Mixed
Traditional
Market
Command
7
Which economic system is based on customs or beliefs passed down generation to generation?
Mixed
Market
Traditional
Command
8
Something that motivates a person take a certain action.
Competition
Regulation
Innovation
Incentive
9
Which of the following countries has a true Market Economy?
France
North Korea
Japan
None of the Above
10
Control or direct, usually through government laws related to what businesses can and can’t do
Innovation
Regulation
Competition
Incentive
11
Which economic system would the Amish be an example of
Mixed
Traditional
Market
Command
12
Which economic system does the United States have?
Mixed
Traditional
Market
Command
