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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
17 terms
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StudBud Administration
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165 plays
Section 1.3
Flashcards
17 cards
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Practice quiz
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Host live
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Questions
17
Answers
1
Goals that require gov't to make a choice - improvements in one area may have a negative impact
conflicting goals
complimentary goals
personal goals
outcome goals
2
An economic system based on public ownership and central planning controlled by government
Mixed Economy
Command economy
Traditional economy
Market economy
3
Which is NOT a drawback of a market economy
innovation occurs due to entrepreneurial spirit
Instability when there are ups and downs in production
private markets not alway acting in best interest of society
wide gap between the rich and the poor
4
Economies that have recently exhibited high rates of economic growth and rising average income
Mixed Economies
Emerging Economies
Market Economies
Traditional Economies
5
Exchange of goods and services between businesses and households
Piggy Market
Product Market
Resource Market
Supermarket
6
Exchange of natural, capital, or human resources between business and households
Product Market
Supermarket
Piggy Market
Resource Market
7
An economic system where economic decisions are made on the basis of custom
Market economy
Traditional economy
Traditional Mixed economy
Modern mixed economy
8
An example of of a traditional mixed economy is...
Canada
China
United States
Sweden
9
An economic system that combines aspects of a market economy and a command economy
traditional economies
command economies
market economies
mixed economies
10
Which is NOT a drawback to a traditional economy?
stability
limits to human potential
poverty
less freedom
11
Economic goals that make change in one area and it brings about positive change in another area
complimentary goals
outcome goals
personal goals
conflicting goals
12
What is NOT a drawback of a command economy?
lack of freedom
inefficiency due to lack of profit motive
income distribution narrows the gap between rich and poor
planning difficulties due to large scope of entire economy
13
A system that represents a countrys social customs political institution and economic practices
An economic system
A product market
An ecosystem
A resource market
14
Examples of Emerging Economies are....
Finland, Sweden, India
China, India, and Brazil
Canada, United States, Sweden
Brazil, Barbados, Canada
15
The 3 of 7 main goals of the Canadian economy are...
Income equity, price stability, full employment
price stability, ecomonic growth, cause and effect
income equity, cause and effect, ceteris paribus
ceteris paribus, inverse relationship, price stability
16
An economic system based on private ownership and use of markets in economic decision making
Market economy
Command Economy
Traditional economy
Modern Mixed Economy
17
What are the three main economic questions every society must ask?
What to produce? How to produce? For whom to produce?
What to produce? How many to produce? When to produce?
What to produce? How much to produce? For whom to produce?
What to produce? How much to produce? Why produce?
