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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
What person is MOST associated with a Command/Communist Economy?
Milton Friedman
Adam Smith
Karl Marx
Friedrich Hayek
2
Which of these is an historical example of a Traditional Economy?
Feudalism in Europe
U.S. during the Gilded Age
Soviet Union under Communism
3
What is the oldest types of economic system?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
Mixed Economy
4
What economic system is about freedom and choice to use money and resources however you want?
Traditional Economy
Mixed Economy
Market/Capitalist Economy
Command/Communist Economy
5
Which type of economy BEST allows some people to become very rich while others may be poor?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
Mixed
6
"A way of deciding what to produce and how it is distributed." This is a definition of ...
communism
bartering
economic system
capital
7
What person is MOST associated with a Market/Capitalist Economy?
Adam Smith
Jerome Powers
Karl Marx
Friedrich Hayek
8
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
9
Sometimes employers take advantage of or abuse workers in which type of economic system?
Mixed Economy
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
10
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
11
Most countries in the world today are what type of economic system?
Traditional Economy
Market/Capitalist Economy
Mixed Economy
Command/Communist Economy
12
What type of economic system is BEST represented by this picture?
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
Traditional Economy
13
Which of these was our historical example of a Market/Capitalist Economy?
Feudalism in Europe
Soviet Union under Communism
U.S. during the Gilded Age
14
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Traditional Economy
Command/Communist Economy
Mixed Economy
Market/Capitalist Economy
15
This economic system includes free enterprise with some government control.
Traditional
Market
Mixed
Command
16
What are the three basic economic systems?
Supply, Demand, Barter
Traditional, Command, Market
Institutional, Free-Market, Mixed
Traditional, Mixed, Monarchy
17
What type of economic system is totally controlled by the government?
Mixed Economy
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
18
Which of these was our historical example of a Command Economy?
Feudalism in Europe
Soviet Union under Communism
U.S. during the Gilded Age
19
What type of economic system is BEST represented in this image?
Mixed Economy
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
20
Which type of economy BEST attempts to distribute goods and services equally?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitalist Economy
