Seth is shoemaker in his village bc his father grandparents were shoemakers:

This is an example of a traditional economic system

Examples of Economic Security include:

Medicare, Medicaid, and Social Security

Characteristics of a Command Economy:

Government Rules and Full Employment

Characteristics of a Market Economy:

High Competition, High Profit Motive, U.S. is the best ex.

Voluntary Exchange means:

A producer is free to sell and a consumer is free to buy

The Food and Drug Administration which ensures food safety is an example of:

The gvmt. role of regulator in a market economy

The Former Soviet Union and North Korea have a:

Command Economy where gvmt. rules

A disadvantage of a command economy is:

There is no great incentive and a lack of consumer input

An example of consumer sovereignty in the market place:

The consumer "shows" the producer what price is acceptable

A disadvantage of a free market economy is:

There is little government regulation/protection

Protector, Producer, Regulator, Consumer:

The job of the government; market economy

Occurs in a market economy, where consumers rule the market

Characteristics of a Traditional Economy:

Everyone knows their role, specialization occurs.

studbud

Types of Economies: Traditional, Command, Market, Mixed

26 termsStudBud Administration1,156 plays

Types of Economic Systems

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

1
Seth is shoemaker in his village bc his father grandparents were shoemakers:
This is an example of a command economic system
This is an example of a mixed economic system
This is an example of a market economic system.
This is an example of a traditional economic system
2
Examples of Economic Security include:
A Savings Account
Medicare, Medicaid, and Social Security
The Antitrust Laws
Full Employment
3
Betsy is a doctor (Came from a poor, working class family). However, she has freedom to excel
She is in a traditional system
She is in a command system
She is in a market economy
She will never excel bc the gov. controls
4
Characteristics of a Command Economy:
The Amish and African Tribes are an Example.
Government Rules and Full Employment
The U.S. is an example
High Level of Economic Efficiency and Economic Freedom
5
Characteristics of a Market Economy:
Has a central planning authority
High Competition, High Profit Motive, U.S. is the best ex.
Full Employment and New Innovations
North Korea is an example
6
The organization that provides public goods and services and engages in income redistribution.
Consumers/Producers
The Government
The Central Bank
The Federal Reserve System
7
Consumer Sovereignty, Voluntary Exchange, and Profit Motive are valued in:
Market Economy
Command Economy
Traditional Economy
Mixed Economy
8
Erik has a quota to meet. He must make 100 lamps with titanium this week. The gov. has directed
Command Economy
Market Economy
Traditional Economy
Mixed Economy
9
The reason that entrepreneurs come up with ideas and labors work is:
Because of scarcity
Because of consumer sovereignty
Because of voluntary exchange
Because of profit motive
10
Voluntary Exchange means:
A producer is free to sell and a consumer is free to buy
One can only voluntarily buy goods if the gov. allows
The interaction between government and consumers
One must volunteer for taxes to come out of their check
11
Free market, free enterprise, and capitalism are synonyms for:
A command economy
A traditional economy
A socialist economy
A market economy
12
Examples of a Mixed Economy
The U.S. and North Korea
All African Tribes
Amish and the Aborigines
The U.S., England, and Canada
13
The Food and Drug Administration which ensures food safety is an example of:
The gvmt. role of provider in a market economy
The gvmt. role of regulator in a market economy
The gvmt. role of producer in a market economy
The gvmt. role of consumer in a market economy
14
There are a great deal of goods that the gvmt. wants but not what the consumer wants in the:
Traditional Economy
Mixed Economy
Command Economy
Market Economy
15
The Former Soviet Union and North Korea have a:
A traditional economy
Command Economy where gvmt. rules
A mixed economy, where gvmt. and the people provide services
A market economy where consumers rule the market place
16
A disadvantage of a command economy is:
It is a 'dog eat dog world' where producers compete
There is full employment
Government provides most things but not public goods/service
There is no great incentive and a lack of consumer input
17
An example of consumer sovereignty in the market place:
The consumer "shows" the producer what price is acceptable
There are unlimited wants but limited resources
The government makes life good for the consumer.
James buys a jacket from Macy's. Both buyer/seller benefit.
18
Cuba, North Korea, and the Former Soviet Union are:
Examples of a command economy
Examples of a traditional economy
Examples of a market economy
Examples of a mixed economy
19
The Amish, the Aborigines, and African Tribes are examples of:
A command economy
A mixed economy
A market economy
A traditional economy
20
A disadvantage of a free market economy is:
There is a great deal of gov. corruption
Government controls almost everything
There are not a variety of products
There is little government regulation/protection
21
Protector, Producer, Regulator, Consumer:
The goal of consumers and producers
The job of our defense system
The job of the government; market economy
The job of the Federal Reserve System
22
The U.S. is best described as a:
Mixed Economy
Command Economy
Turtle Economy
Traditional Economy
23
Free Enterprise and Free Market are synonymous with:
A command economy
A mixed economy
A market economy
A traditional economy
24
New ideas are not welcome in these economies (Two correct answers)
Market
Traditional
Mixed
Command
25
Consumer Sovereignty
Consumers have no say but producers have all the say
Occurs in a market economy, where consumers rule the market
Occurs mostly in a command economy; Consumers have no say
Occurs mostly in a traditional economy; Products meet needs.
26
Characteristics of a Traditional Economy:
High level of competition and high profit motive
Characteristics include the best of all economies.
Government Rules, Full Employment, A Great Deal of New Ideas
Everyone knows their role, specialization occurs.

Types of Economies: Traditional, Command, Market, Mixed Flashcards | StudBud