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Economic Systems
Economic Systems
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Economic Systems
Flashcards
15 cards
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Questions
15
Answers
1
Russia, Cuba, North Korea and Vietnam are all examples of which type of economy?
Communist(Command) Economy
Mixed Economy
Socialism
Market Economy
2
In a traditional economy...
Tradition and customs greatly influence economic decisions
Government directs and controls the means of production
Large businesses are motivated by profit
Supply and demand regulate prices
3
Subsistence Farming =
Farmers raise just enough crops for their family
The government decides which crops will be grown
4
Which is an example of humans adapting to their environment?
command economies
desalinization plant
political boundaries
5
What forces play the greatest role in the distribution of goods and services in free enterprise
village elders and community leaders
Producer supply and consumer demand
government officials and the military
court rulings and expert opinions
6
The form of government in which the power is entrusted to the hands of a king and queen
Oligarchy
Democracy
Dictatorship
Monarchy
7
Native groups, tribes, and clans would most likely be categorized as what type of economy?
Market Economy
Free enterprise
Communist Economy
Traditional Economy
8
In which economic system would you expect wide selection of consumer goods?
Traditional
Socialist
Free Enterprise
Communist
9
This is a central characteristic of a free market economy
Businesses are driven by the desire for profit
The government bans all labor unions
Government owns means of production
All wage earners paid the same
10
This is a NEGATIVE impact of the modern tractor
inefficient new farming methods
High labor maintenance costs
Overpopulation of horses
increased use of nonrenewable resources
11
The interaction of supply and demand, Profit Incentive, and Entrepreneurs are...
characteristics of a free enterprise economy
A socialist economic system
cottage industry
Types of economic systems
12
What major economic question(s) should every country answer?
What should we produce?
Who will get the goods that we produce?
All of the Above
How should we produce it?
13
Because of its climate and soils, Columbia grows coffee beans. This is an example of...
Major urban centers along a river
Natural resources are more important than climate
Columbias physical geography determines its econ activity
14
Who makes all of the economic decisions in a communist economic system?
Farmers
Business Leaders
Consumers
Government Officials
15
Beijing has lots of pollution because of all of the following EXCEPT-
Religion
Politics
Industry
Population
