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Duplicate of Economics- Basics and Economic Systems Flashcards | StudBud
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Duplicate of Economics- Basics and Economic Systems
Duplicate of Economics- Basics and Economic Systems
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This will help us recall information already learned. #Econ #Money #Goods #Services #Scarcity
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Questions
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Answers
1
All are advantages of a traditional economy except
production is for the good of whole group
capable of dramatic change in a short period of time
everyone knows their role
stable and predictable
2
One of the disadvantages of the traditional economy is ...
corruption
racism
social inequality
a lack of technology
3
one of the "advantages" of the command economy is ...
All members of society are considered equal
culture and tradition are preserved
competition produces the best results
people are free to buy whatever they want
4
Which is NOT a disadvantage of a command economy?
it does not satisfy the basic needs of the people
there is very little incentive
requires a large decision making bureaucracy
it does not satisfy the wants of the people
5
The form of economy the United State specifically has
modified private enterprise
Capitalist
Command
mixed economy
6
People will make a choice only if ...
the benefits are greater than the costs
the costs are greater that the benefits
there is soda involved
there is candy involved
7
Where are most traditional economies found?
Europe and U.S.
Iraq and Chile
China and India
Africa and South America
8
the privilege that entitles people to own their own business is called
voluntary exchange
economic freedom
private property rights
profit motive
9
In this form of system, the who, what and how is answered by the government
mixed
command
market
free enterprise
10
For every choice we make, there is always a ...
cost
piece of candy
book
tax
11
All are disadvantages of a traditional economy except
lack of government interference
lack of technology
lower standard of living
lack of progress
12
In this economic system, all decisions are made by the government
mixed economy
command economy
traditional economy
capitalist economy
13
Which of these countries does NOT have a command economy?
China
North Korea
Russia
Vietnam
14
A disadvantage of this system is that it doesn't provide for the basic needs of the people
command economy
market
traditional economy
mixed economy
15
the struggle among sellers to attract consumers while lower costs
profit motive
voluntary exchange
profit
competition
16
Which of the following is NOT one of the three basic economic questions?
How to produce?
For whom to produce?
When to produce?
What to produce?
17
Canada, Japan, Great Britain and France are examples of a
communistic economy
traditional economy
command economy
market economy
18
All of the following are economic and social goals except
profit motive
price stability
economic freedom
economic efficiency
19
One of the advantages of this economic system is that everyone works together
command
traditional
capitalist
mixed
20
Besides scarcity, what is also required for value?
utility
opportunity cost
scarcity
usefulness
21
an organized way of providing for the wants and needs of the people
economy
decision making grid
economic system
command
