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Market Economics (Entrepreneurship) Flashcards | StudBud

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The United States has a (somewhat) market economy

What is a Market Economy?

Market Economics (Entrepreneurship)

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-Haily, Lauren, Dina

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Questions 6

Answers

1
What is a Market Economy?
Individual decisions about production and consumption create a market
A system that combines market, traditional, and command
Allocation of scarce resources of nearly all other economic activity
Central authority makes most of the what, how, and whom decisions
2
The United States has a (somewhat) market economy
False
True
3
Which of the following is an advantage of a market economy?
High degree of individual freedom
Does not provide basic needs
High degree of uncertainty
When markets fail, some businesses may become too powerrful
4
People cast dollar "votes" when buying in a market economy
True
False
5
Which one is an example of a market economy?
A farmer's market
United State's Constitution
Societies, such as the African Mbuti
North Korea
6
Many countries follow a strict market economy
True
False