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Economic System
Economic System
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StudBud Administration
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Teaching assignment for Coach Praters 4th Period.
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
What is profit motive ?
To make consumers happy
To make money
To start your own business
To let consumers buy what they want
2
A market economy depends on ____
Both A and B
Private Ownership
Government Ownership
Control of resources
3
Who own resources in a command economy?
Federal Government
Government
The people
Consumers
4
An market economy has heavy government regulations ? True or False ?
False
True
5
What are the three economic questions a society must answer ?
What is the population ? What is the weather? What for?
What is the market like? What is the currency? What to trade
What to produce? Who to produce for? How to produce it?
Who to trade with? How much to trade? What to trade?
6
What is scarcity ?
There are enough resources for everyone to have.
A basic requirement for survival, such as food and shelter.
Something we would like to have but is not necessary.
The condition that results from not having enough resources.
7
Who answers the economic questions in a traditional economy ?
Government
Traditions of the people
Consumers
The resources they have
8
What is socialism ?
A political and economic system where property is collective
An arrangement that allows buyers and sellers to converge.
An economic system private citizens own factor of production
A mixed economic and political system. Government owns some
9
What are the three economic systems?
Capitalism, Mixed, and Communism
Mixed, Communism,and Socialism
Traditional, Command, and Market
Capitalism, Mixed, and Socialism
10
What is the characteristic of an market economy ?
The government has little to no control.
Social economic idea in which property are publicly owned.
Government has a lot or full control.
They follow tradition.
