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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Economic Systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
In a command economy all of the wants and needs are provided by government.
True
False
2
What are natural resources?
Raw materials that come from the government.
Raw materials that come out of a lab.
Raw materials found in nature used to produce goods.
People's knowledge, efforts and skills.
3
In a mixed economy the government provides the wants and the market provides the needs.
False
True
4
The primary goal of an economic system is to provide people with a minimum standard of living.
True
False
5
What kind of economic system does the United States have?
Market
Mixed
Command
Socialist
6
Name a country that has a command economy.
France
England
China
United States
7
What is a command economy?
Controlled by the market
Controlled by the government
Controlled by the president.
Controlled by the people.
8
In a market economy all of the wants and needs are provided by the market.
True
False
9
What is a traditional economy?
An economy that is based on what your ancestors did.
An economy that the government maintains.
An economy that is controlled by the market.
There is no such thing as a traditional economy.
10
Most nations in the world have a command economy.
True
False
