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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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#economics #economic #systems #market #command #traditional #networks2.1 #networks
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Another name for a market economy is _________.
Capitalism
Communism
Cronyism
Confucius
2
Command economies have often been closely associated with ______________.
Laissez-faire
Being very successful
Communism
Free thinking
3
In which place would you find examples of traditional economies?
London, England
Deep in the Amazon rainforest
Dallas, Texas
North Korea
4
In what type of economic system does the government make ALL of the production decisions?
Command
Market
Socialist
Traditional
5
A ________ system is one where buyers and sellers (and supply & demand) set the price of goods.
Market
Traditional
Socialist
Command
6
A main reason why command economies aren't successful is that government (not people) make __?
Apples
Oranges
Choices
Money
7
What is one disadvantage of a market economy?
Everything is awesome
It doesn't provide for everyone
Everything is awesome
Everything is cool when you're part of a team
8
Which place best describes where you would find a command economy today?
North Korea
Japan
Texas
California
9
In which place would you be most likely to find lots of examples of a market-based economy?
The Australian Outback
North Korea
New York City
Northern Canada
10
What type of economy is mostly based on rituals, habits, and customs?
Socialist
Market
Traditional
Command
