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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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Designed for 7th Grade Geography class unit covering economic systems.
Flashcards
11 cards
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Practice quiz
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Host live
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Questions
11
Answers
1
Which is
NOT
one of the "three economic questions"?
How goods should be produced?
Who gets the goods and services?
What and how many goods can be produced?
How much goods should cost?
2
What determines the difference between communism and socialism?
goods produced.
types of factores
Money
amount of government involvement
3
Which is
NOT
an economic system?
Market
Domestic
Traditional
Command
4
What Economic System uses tradition and customs to answer the three economic questions?
Command
Traditional
Market
5
What Economic System allows individuals and private groups to make decisions about what to produce?
Command
Traditional
Market
6
What Economic system allows the government makes all decisions?
Traditional
Mixed
Market
Command
7
An example of a pure market economy is
Mexico
Does not exist
Saudi Arabia
United States
8
What are market economies based upon?
Free Enterprise and capitalism
Constant Factors
Product availability
Price
9
What Economic System allows the government to support free enterprise?
Mixed
Market
Command
Traditional
10
What do people choose under the Market system?
How much a company will charge for its products
What products they will or will not buy as shoppers
The color of the product
11
What is the governments role under a mixed economy?
Decide Quantity of goods produced
Supports and regulates free enterprise
Sets the Market Price
