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Economic Systems Review ACC/HON Flashcards | StudBud
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Economic Systems Review ACC/HON
Economic Systems Review ACC/HON
14 terms
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StudBud Administration
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Key government terms & concepts
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
Which economic system does this picture best represent?
Traditional Economy
Mixed Economy
Market Economy
Command Economy
2
Which economic system does this picture best represent?
Command Economy
Traditional Economy
Mixed Economy
Market Economy
3
Which of the following is
NOT
a type of Command Economy?
Free Enterprise
Socialism
Marxism
Communism
4
Which economic system does this picture best represent?
Traditional Economy
Market Economy
Mixed Economy
Command Economy
5
People produce mostly what they need to survive
Mixed Economy
Market Economy
Command Economy
Traditional Economy
6
Economic decisions are made by the people (supply/demand); little or no government involvement
Mixed Economy
Command Economy
Traditional Economy
Market Economy
7
When the government decides the answers the three economic questions
Command Economy
Traditional Economy
Market Economy
Mixed Economy
8
What does the "
D
" stand for in GDP?
Delta
Determinded
Domestic
Distance
9
Which type of economy does the U.S. have?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
10
Which of the follow best describes what GDP is?
the number of people born within a country in a year
value of goods and services made in a country
the amount of products imported into a country
The number of domestic flights flying cross-country
11
Which economic system does this picture best represent?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
12
Which of the following is
NOT
a question answered by an economic system?
For whom should we make it?
How should we make it?
How much should it cost?
What should we make?
13
Individuals makes some decisions about the economy and the government makes others
Mixed Economy
Command Economy
Traditional Economy
Market Economy
14
What does "per capita" mean?
per person
in the government
each year
by capital
