stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems Flashcards | StudBud
Explore
/
Economic Systems
Economic Systems
8 terms
·
StudBud Administration
·
363 plays
Economic Systems
Flashcards
8 cards
F
Practice quiz
P
Host live
L
Questions
8
Answers
1
Business Competition; Success comes from doing something better & cheaper than your competitors
Traditional
Mixed
Market
Command
2
Production is often by hand, is inefficient and change is discouraged; consumer choice is rare.
Traditional
Command
Market
Mixed
3
We have no need for money. Some of us hunt, fish or farm, by custom; we are all taken care of.
Market
Mixed
Command
Traditional
4
Great Britain is an example of this type of Economic System.
Market
Traditional
Command
Mixed
5
The government has a very small role in making economic decisions; Laissez Faire.
Traditional
Command
Mixed
Market
6
We have private ownership, a lot of government regulation & extensive social welfare programs.
Command
Traditional
Market
Mixed
7
The government controls the economy. It assigns jobs, sets production goals and decides wages
Market
Command
Traditional
Mixed
8
Central Planners decide when we should expand old factories or build new ones.
Traditional
Command
Mixed
Market
