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The Four Economic Systems Flashcards | StudBud
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The Four Economic Systems
The Four Economic Systems
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StudBud Administration
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Test your knowledge of the four economic systems.
Flashcards
10 cards
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Questions
10
Answers
1
What is the most modern economic system?
Traditional
Free Market
Mixed
Centrally-Planned
2
Who dominates economic decisions in a centrally-planned system?
Stock Investors
Government
Individuals
Military
3
How is work customarily divided in a traditional economy?
Social Status
Skill Level
Race
Gender
4
What is the dominant form of economic coordination in a mixed economy?
Entrepreneurship
Farming
Banks
Markets
5
Which is a characteristic of a mixed economy?
Harsh Policies
Welfare System
Dictator
Weak Political Freedom
6
Which would be most likely to have a traditional economy?
Native tribes of the seventeeth century
Africa
Asia
United States of America
7
What unit does the traditional economy revolve around?
Military
Government
Education
Family
8
What is one advantage of a free market economy?
Economic Freedom
Economic Instability
Less Competition
Strict Regulation
9
In a free market economy, who owns the factors of production?
Individuals
Government
Supreme Court
Army
10
What economic system most strongly promotes self-regulation?
Free Market
Centrally-Planned
Traditional
Mixed
