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Duplicate of Different Economic Systems Flashcards | StudBud
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Duplicate of Different Economic Systems
Duplicate of Different Economic Systems
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StudBud Administration
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Explore command, traditional, and market economies.
Flashcards
17 cards
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Questions
17
Answers
1
A market economy differs from a traditional economy because a traditional economy
does not meet basic needs
lacks modern technology
encourages personal wealth
2
Offers consumers many choices and individuals have great opportunities to succeed.
traditional economy
command economy
market economy
3
Which type of economy offers limited consumer choice and involves government rationing?
traditional
market
command
4
Which type of economy allows government to limit the number of goods & services?
command
traditional
market
5
In what type of economy do consumers decide what is produced?
traditional
command
market
6
A village of hunters and gatherers is a good example of a _____ economy.
traditional
command
market
7
The main goal of a command economy is to
create a system of social classes
encourage personal wealth
create economic equality for everyone
8
Which type of system requires the government to make economic decisions?
traditional
market
command
9
Which economy is based on family, customs, and beliefs?
command
traditional
market
10
Most decisions are made by the government in a ___ economy.
traditional
market
command
11
Based on customs & cultural beliefs that are passed down from one generation to the next.
traditional
market
command
12
Consumers decide what will be produced
market
traditional
command
13
Which products do most consumers prefer?
unreliable
expensive
illegal
quality made
14
In which economy do producers have little control over what they sell?
traditional
market
command
15
Which type of economy are you likely to find neighbors having the same goods and services.
traditional
market
command
16
Which type of economy does the US
mostly
have?
traditional
command
market
17
Which type of ecomony is likely to have weatlhy consumers?
traditional
market
command
