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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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An #economics quiz for understanding the basics of #economic systems.
Flashcards
15 cards
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Questions
15
Answers
1
(Challenge) Who developed the ideas of communism?
Adam Smith
Thomas Malthus
David Ricardo
Karl Marx
2
(Challenge) The idea that consumers hold ultimate control over what is produced is called
Voluntary Exchange
Competition
Specialization
Consumer Sovereignty
3
Which system allows for no ownership of private property?
Socialism
Communism
Capitalism
Feudalism
4
Which economic system is based on following established customs?
Mixed
Traditional
Command
Market
5
"Centrally Planned" is another term for what economic system?
Traditional
Mixed
Market
Command
6
(Challenge) In capitalism, investment is driven by
individuals seeking equality
government direction
government seeking profit
private parties seeking profit
7
Which of the following is an advantage of command economies?
The economy attempts to provide for everyone's needs.
The survival of the people is ensured.
Problems like shortages and surpluses are rare.
Decisions are well informed by consumers and producers.
8
What economic system is based mainly on personal choice?
Mixed
Market
Traditional
Command
9
The term "laissez faire" means
Follow traditions of the past
Leave things alone
Government must raise taxes
Shoop-da-woop
10
(Challenge) Businesses are customers and individuals are producers in the
Pure Market
Factor Market
Government Market
Product Market
11
What system involves having the government make most economic decisions?
Command
Traditional
Mixed
Market
12
The government owns some, but not all basic resources under which system?
Market Economy
Traditionalism
Communism
Socialism
13
(Challenge) Suppliers in a product market are
Individuals
Businesses
Government
Households
14
In a market economy the real power is held by
Consumers
Government
Sellers
Producers
15
"Does not try to ensure maximum productivity" is a disadvantage of what economic system?
Mixed
Market
Traditional
Command
