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US Gov't - Economic Systems Flashcards | StudBud
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US Gov't - Economic Systems
US Gov't - Economic Systems
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Answers
1
A Free Market Economic System
includes
Competition
Profit
People own property or resources
All of these
2
A mixed economy is NEVER found today.
True
False
3
What is a Traditional Economic System?
Services
Agricultural
Industrial
4
Who controls the economy in a Traditional Economy?
Consumers
Consumers and Government
Family
Government
5
In a Mixed Economy, people and businesses make decisions about money.
False
True
6
In a Command Economy
People own property or resources
Government owns property or resources
Everything is free
7
What determines a country’s economy?
How much money people have
The amount of government control
How much money people spend
8
Who controls the economy in a Command Economy?
Consumers and government
Consumers
The government
The people
9
Who controls the economy in a Free Market Economy?
Consumers and Government
Consumers
Family
Government
10
The United States is an example of a Mixed Economy.
False
True
11
In a Mixed Economy, government plays a role.
True
False
