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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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Economic Systems
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
term used by KarlMarx for a society in which no government is necessary
Communism
Traditional Economy
Socialism
Monarchy
2
Most nations in the world have a command economy.
True
False
3
Another name for a command economy is
Dictator
Unified
Planned
Authoritarian
4
Name a country that has a command economy.
France
United States
China
England
5
Laissez-Faire translates to...
No government
Lazy
Fair
Let it be
6
What is a traditional economy?
An economy that is controlled by the market.
There is no such thing as a traditional economy.
An economy that is based on what your ancestors did.
An economy that the government maintains.
7
What kind of economic system does the United States have?
Mixed
Market
Socialist
Command
8
Every economy system in the world is mixed
True
False
9
In a traditional economy continuity is not valued.
False
True
10
The three basic questions that every country has to answer includes all EXCEPT
How should it be produced
For whom will it be produced
What should be produced
Where will it be produced
11
What is a command economy?
Controlled by the people.
Controlled by the government
Controlled by the president.
Controlled by the market
12
In a market economy all of the wants and needs are provided by the market.
False
True
