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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
10 terms
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StudBud Administration
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#economicsystems#capitalism#command#socialist#traditional
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Which economic system offers the least amount of freedom?
Socialist
Command
Capitalist
Traditional
2
The type of economy you would find in a democratic society.
Command
Socialist
Traditional
Capitalist
3
Distribution of goods and services are kept
locally
(in the tribe/village)
Capitalist
Command
Traditional
Socialist
4
This economy is also called
Market Economy
or
Free Enterprise
Socialist
Capitalist
Traditional
Command
5
Individuals
control factors of production
Traditional
Command
Socialist
Capitalist
6
People
are motivated by
profit
Traditional
Capitalist
Socialist
Command
7
Customs and
traditions
determine the
factors of production
Command
Traditional
Socialist
Capitalist
8
Type of economy you find in a
Communist
government.
Traditional
Command
Capitalist
Socialist
9
Government
owns
and controls all resources and economic decision
Socialist
Traditional
Command
Capitalist
10
•
No
economic freedom•
No
private ownership•
No
profit motive
Socialist
Traditional
Command
Capitalist
