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Economic Systems
Economic Systems
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StudBud Administration
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Government LSN Economic Systems Quiz
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
System inwhich the government supports free enterprise through decisionsthat affect the market.
Market
Command
Traditional
Mixed
2
Belief that economic decision making benefits all of society and not just a few people
free Market
Command Economy
Mixed Economy
3
Which is not one of the three economic types?
Traditional
Domestic
Command
Market
4
Economic system in which the government makes all decisions.
Command
Mixed
Traditional
Market
5
What is the governments roll under a mixed economy?
Decide Quantity of goods produced
Support Market Price
supports and regulatesfree enterprise through decisions.
6
requires strict government control of almost entire society + economy
Socialism
Command Ecnomy
Free Enterprise
Communism
7
What determines the difference between communism and socialism?
goods produced.
types of factores
amount of government involvement
Money
8
What is used to ensure decisions are executed under command/communist economy?
Political Party
Sellers
purchasers
People
9
have the right to own property or businesses, make profit with limited government interference.
Governments
Private Individuals or groups
Markets
10
What are market economies based upon?
Price
Product availability
Constant Factors
Free Enterprise
11
What do people choose under the Market system?
color of the product
choose products they will or will not buy as shoppers
Decide how much a company will charge for its products.
12
Economic System in which habit and custom determine the rules for all economic activity.
Command
Traditional
Market
13
Which is not one of the three decisions economic systems must make?
Who gets the goods and services?
How much goods should cost?
What and how many goods can be produced?
How goods should be produced?
14
What won't businesses do under a command economy?
determine how much they will produce
Make their own decisions
Determine who will buy goods
Set their own price
15
An example of a pure market economy is
Mexico
Saudi Arabia
Does not exist
United States
16
What social services would a government offer?
money for the people
housing + health care for all citizens.
Health care only
Financial Assistance
17
Economic System in which individuals and private groups make decisions about what to produce.
Market
Traditional
Command
