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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
20 terms
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StudBud Administration
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Designed for 7th Grade Geography class unit covering economic systems.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is used to ensure decisions are executed under command/communist economy?
purchasers
People
Sellers
Political Party
2
What won't businesses do under a command economy?
Determine who will buy goods
Make their own decisions
Set their own price
determine how much they will produce
3
What are market economies based upon?
Constant Factors
Price
Free Enterprise
Product availability
4
What is the governments roll under a mixed economy?
Support Market Price
Decide Quantity of goods produced
supports and regulatesfree enterprise through decisions.
5
Which is not one of the three decisions economic systems must make?
How much goods should cost?
What and how many goods can be produced?
How goods should be produced?
Who gets the goods and services?
6
An example of a pure market economy is
Does not exist
Saudi Arabia
United States
Mexico
7
What determines the difference between communism and socialism?
types of factores
Money
amount of government involvement
goods produced.
8
Economic System in which individuals and private groups make decisions about what to produce.
Command
Traditional
Market
9
Economic system in which the government makes all decisions.
Command
Market
Traditional
Mixed
10
What is controlled under democratic Socialism?
Eports
Financial centers
Imports
Certain industries
11
democracies + people have basic human rights +elect political leaders
Command Economy
Democratic Socialism
Deomcracy
Communism
12
Economic System in which habit and custom determine the rules for all economic activity.
Command
Traditional
Market
13
What is the goal of Socialism?
equal distribution of wealth
financial return
balanced economy
14
Belief that economic decision making benefits all of society and not just a few people
Mixed Economy
Command Economy
free Market
15
What social services would a government offer?
Financial Assistance
Health care only
money for the people
housing + health care for all citizens.
16
Which is not one of the three economic types?
Command
Domestic
Market
Traditional
17
What do people choose under the Market system?
Decide how much a company will charge for its products.
color of the product
choose products they will or will not buy as shoppers
18
requires strict government control of almost entire society + economy
Free Enterprise
Command Ecnomy
Communism
Socialism
19
System inwhich the government supports free enterprise through decisionsthat affect the market.
Mixed
Market
Traditional
Command
20
have the right to own property or businesses, make profit with limited government interference.
Markets
Private Individuals or groups
Governments
