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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
20 terms
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StudBud Administration
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417 plays
Learning the different economic systems.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is NOT a disadvantage of a free market economy?
Does not provide enough public goods
Disillusion of the American Dream
Freedom exists for everyone involved
Doesn't provide for the basic needs of everyone
2
Who is in charge in a free market economy?
A dictator
The government
The people
Yourself
3
What does economic freedom encourage?
Competition
Employment
Stability
Equality
4
What is NOT a disadvantage of the traditional economy?
Low literacy rate
Higher infant mortality rate
Non-H.D.C.
People help each other out
5
What is an example of a free market economy?
North Korea
Cotillion
Great Britain
Weddings
6
What is NOT an advantage of the traditional economy?
Lower standard of living
Everyone is important
No laziness
Everyone knows their role
7
Who makes most of the decisions in a command economy?
Yourself
The people
The government
An "elite" group
8
What is NOT a benefit of "free enterprise"?
Competition
Opportunity
Freedom
No competition
9
Which of these is not an economic system?
Socialist
Traditional
Command
Free Market
10
What is NOT an advantage of a command economy?
Many available public services
Lack of incentives
No decision-making by citizens
Large army
11
What is a command economy NOT known as?
Communism
Dictatorship
Socialism
Democracy
12
Which is NOT a role of an entrepreneur?
Makes new products and services
Express likes and dislikes
Manages land, labor, and capital
Customer service
13
What is the right that allows people to decide what agreements they want to enter into?
Price stability
Economic growth
Economic freedom
Economic security
14
What is NOT an advantage of a free market economy?
Can adjust to change over time
Poverty is a cycle
High degree of customer satisfaction
Decision-making is decentralized
15
What is an example of a command economy?
China
Christmas
Military
USA
16
What is an example of a traditional economy?
China
Russia
USA
Thanksgiving
17
What is a traditional economies economic activity NOT based on?
Ritual
Habit
Values
Custom
18
What is NOT a disadvantage of a command economy?
Economy can change drastically in a short time
No flexibility
Requires large decision-making
New ways are discouraged
19
Where is the traditional economy found?
The suburbs
Rural areas
Remote areas
The city
20
Which is NOT an economic goal of the USA?
Economic Equity
Economic efficiency
Economic freedom
Economic Loyalty
