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Types of Economic Systems Flashcards | StudBud
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Types of Economic Systems
Types of Economic Systems
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1
Which type of economy BEST attempts to distribute goods and services equally?
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
Mixed Economy
2
What type of economic system is BEST represented by this image?
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
Traditional Economy
3
What type of economic system is totally controlled by the government?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
4
Which of these was used as our historical example of a Traditional Economy?
Feudalism in Europe
U.S. during the Gilded Age
Soviet Union under Communism
5
What type of economic system is BEST represented by this image?
Market/Capitalist Economy
Traditional Economy
Mixed Economy
Command/Communist Economy
6
"A way of deciding what to produce and how it is distributed." This is a definition of ...
capital
economic system
bartering
communism
7
What person is MOST associated with a Market/Capitalist Economy?
Karl Marx
Adam Smith
8
What economic system is about freedom and choice to use money and resources however you want?
Traditional Economy
Mixed Economy
Command/Communist Economy
Market/Capitlist Economy
9
Sometimes employers take advantage of or abuse workers in which type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
Traditional Economy
10
We watched people barter and trade a paperclip as an example of what type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
11
Which of these puts feudal society in the correct order, from top to bottom?
king, knights, nobles, serfs
king, serfs, knights, nobles
nobles, king, knights, serfs
kings, nobles, knights, serfs
12
We played a Coffee Shop game as an example of what type of economic system?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
13
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
14
What is the oldest types of economic system?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
15
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
16
Most countries in the world today are what type of economic system?
Command/Communist Economy
Traditional Economy
Mixed Economy
Market/Capitalist Economy
17
Which economy fairly stable, since people what their parents did, generation after generation?
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
Traditional Economy
18
What person is MOST associated with a Command/Communist Economy?
Adam Smith
Karl Marx
19
Which of these was our historical example of a Command Economy?
Feudalism in Europe
Soviet Union under Communism
U.S. during the Gilded Age
20
What type of economic system is BEST represented in this image?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitalist Economy
21
Which type of economy BEST allows some people to become very rich while others may be poor?
Market/Capitalist Economy
Command/Communist Economy
Mixed
Traditional Economy
22
Which of these was our historical example of a Market/Capitalist Economy?
Soviet Union under Communism
U.S. during the Gilded Age
Feudalism in Europe
23
What type of economic system is BEST represented by this picture?
Mixed Economy
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
24
What type of economic system is based largely on agriculture and trading of goods and services?
Command Economy
Market/Capitalist Economy
Traditional Economy
Mixed Economy
25
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
False
True
