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2.03 Types of Economic Systems Flashcards | StudBud
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2.03 Types of Economic Systems
2.03 Types of Economic Systems
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1
What person is MOST associated with a Command/Communist Economy?
Karl Marx
Adam Smith
2
Which type of economy BEST allows some people to become very rich while others may be poor?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
Mixed
3
What person is MOST associated with a Market/Capitalist Economy?
Adam Smith
Karl Marx
4
What type of economic system is BEST represented in this image?
Traditional Economy
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
5
What type of economic system is BEST represented by this image?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitalist Economy
6
Which of these was used as our historical example of a Traditional Economy?
Feudalism in Europe
Soviet Union under Communism
U.S. during the Gilded Age
7
What type of economic system is based largely on agriculture and trading of goods and services?
Market/Capitalist Economy
Command Economy
Mixed Economy
Traditional Economy
8
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Command/Communist Economy
Mixed Economy
Market/Capitalist Economy
Traditional Economy
9
Which type of economy BEST attempts to distribute goods and services equally?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
Mixed Economy
10
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
True
False
11
"A way of deciding what to produce and how it is distributed." This is a definition of ...
communism
economic system
bartering
capital
12
What type of economic system is based largely on agriculture and trading of goods and services?
Market/Capitalist Economy
Traditional Economy
Command Economy
Mixed Economy
13
Which of these puts feudal society in the correct order, from top to bottom?
kings, nobles, knights, serfs
king, knights, nobles, serfs
king, serfs, knights, nobles
nobles, king, knights, serfs
14
Most countries in the world today are what type of economic system?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
15
What type of economic system is BEST represented by this image?
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
Mixed Economy
16
What is the oldest types of economic system?
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
Traditional Economy
17
What type of economic system is totally controlled by the government?
Traditional Economy
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
18
Sometimes employers take advantage of or abuse workers in which type of economic system?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
19
Which of these was our historical example of a Market/Capitalist Economy?
Soviet Union under Communism
Feudalism in Europe
U.S. during the Gilded Age
20
We watched people barter and trade a paperclip as an example of what type of economic system?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
21
Which of these was our historical example of a Command Economy?
U.S. during the Gilded Age
Soviet Union under Communism
Feudalism in Europe
22
What economic system is about freedom and choice to use money and resources however you want?
Mixed Economy
Command/Communist Economy
Market/Capitlist Economy
Traditional Economy
23
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
Mixed Economy
24
We played a Coffee Shop game as an example of what type of economic system?
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
25
Which economy fairly stable, since people what their parents did, generation after generation?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
26
What type of economic system is BEST represented by this picture?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
Mixed Economy
