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SKYWALKERS Economic Systems SOL CE 11B Flashcards | StudBud
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SKYWALKERS Economic Systems SOL CE 11B
SKYWALKERS Economic Systems SOL CE 11B
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StudBud Administration
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#Economics #Systems #SOLCE11
Flashcards
10 cards
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Questions
10
Answers
1
What problem does every economy no mater the form have to deal with?
production
taxes
incentives
scarcity
2
What economy is based on custom and historical precedent and is a very simple form of economy?
Mixed
Free Market
Traditional
Command
3
What economy lacks individual choice and is controlled and planned by the government?
Mixed
Free Market
Command
Traditional
4
What factor determines the form of economy a nation has?
population
government involvement
number of businesses
age
5
What/who is in charge of a command economy?
Taxes
Businesses
Consumers
Government
6
Which of the following is not a question all economies must answer?
For whom are the goods and services being produced?
Who will produce the goods and services?
How much will goods and services cost?
What goods and services will be produced?
7
What form of economy do we have in the United States?
Free Market
Mixed
Command
Traditional
8
What economy is based on profit, competition, and has little to no government involvement?
Command
Free Market
Traditional
Mixed
9
Put the economies in order from most to least government involvement.
Command, Free Market, Mixed
Mixed, Command, Free Market
Command, Mixed, Free Market
Free Market, Command, Mixed
10
What economy has shared decision-making between government and individuals, most popular?
Traditional
Mixed
Command
Free Market
