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Chapter 2 Review Flashcards | StudBud
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Chapter 2 Review
Chapter 2 Review
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StudBud Administration
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Economic systems, differences between capitalism and communism
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
What type of economy does the US have?
communist
traditional
free enterprise
command
2
An example of a market economy is
USA
North Korea
the Inuit
former Soviet Union
3
Who answers the three basic questions in a market economy?
the government
the people
Mr. Zachary
elders
4
How well or comfortable you live
standard of living
minimum wage
economic equity
circular flow of the economy
5
What type of economic system does North Korea have?
Market
Supply & Demand
Command
Traditional
6
Which group of people decide which products are being produced in a market economy?
the people
property owners
congress
the federal gov't
7
Who answers the three basic questions in a command economy?
traditions
church leaders
the people
the government
8
What is the purpose of gov't in a command economy?
ensure the availabilty of consumer products
encourage new businesses
promote freedom
make major decisions
9
The driving force behind a free market economy is
foreign markets
competition
the government
socialists
10
Who answers the three basic questions in a traditional economy?
the people
the central gov't
elders
business owners
11
What is the driving force for business owners to continuously grow and expand?
Minimum wages
profit incentive
laissez-faire
Market economy
