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Economic Systems Review Flashcards | StudBud
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Economic Systems Review
Economic Systems Review
22 terms
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StudBud Administration
5th grade
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
A mixed economy ...
has elements of both market and command economies
has elements of traditional, market & command economies
was more useful before the invention of bitcoin
has limited use in today's global economy
2
What do economic systems do?
Answer the three basic economic questions
All the above
Organize production
Allocate resources
3
Who dictates demand in a free market economy?
Producer
All answers are correct
Seller
Consumer
4
A traditional economy is the oldest economic system.
True
False
5
This economic systems includes free enterprise with some government control.
Command
Market
Mixed
Traditional
6
Traditional economy
Members of religion who encourage people to convert to particular religion
A series of knotted strings on which the Incas recorded information
Economic policy that promotes strengthening a nation by expanding its trade
An economy in which the exchange of goods is based on custom or tradition
7
What won't businesses do under a command economy?
Make their own decisions
determine how much they will produce
Set their own price
Determine who will buy goods
8
command economy
government owns and controls resources
consumers & supply & demand control resources
mostly agriculture, low innovation
some private ownership, some govt. control
9
Mixed economy
Consumers control everything
Government controls everything
Both government and consumers control the economy
10
What are the 3 basic economic systems?
Institutional, Free-Market, Demand
Traditional, Mixed, Monarchy
Traditional, Command, Market
Supply, Demand, Barter
11
Traditional Economy
People and Government determine the supply and price of products
The government determines supply and price of products
People trade products for other products based on their believed value
People determine the supply and price of products
12
Free Market
Communism
Capitalism
Socialism
Able to use money on anything
13
How confident do you feel about your knowledge of economic systems?
I kind of get it.
I mostly get it.
I'm an expert!
I'm confused!
14
Free Market?
An economy where prices are set by competition between private businesses.
a command economy that restricts trade
A place in a town where people can go to buy and sale goods.
An economy where the government says what and how many goods can be made.
15
Command Economy
state control business
government controls everything
voters control business owners
people control everything
16
Which system is a combination of the 3 primary economic systems and is the most-used today?
Traditional
Mixed
Market
Command
17
Traditional Economy
government makes all economic decisions
agriculture with limited trade and barter & some luxuries
economy with few if any government oversight
supply and demand dictating production
18
who dictates supply in a free market economy?
Consumer
Nobody
Producers and Consumers
Producer
19
Mixed Economy
An econ system: market-based elements and some level of gov't involvement
Another name for a “Centrally Planned Economy”.
An econ system: relies on habit custom rituals to decide the 3 basic econ?s
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
20
Traditional Economy....
is when a country meets their needs by buying products
is when a country is depending on just one type of resource
is when a country depends on their taxes to produce goods
is when a country make and grow their own food and goods
21
an example of a market economy is
the Inuit
North Korea
the former Soviet Union
the United States
22
This type of economy is mostly a market economy, but has components of a command economy too
Comparative
Traditional
Random
Mixed
