stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems Flashcards | StudBud
Explore
/
Economic Systems
Economic Systems
14 terms
·
StudBud Administration
·
258 plays
Designed for 7th Grade Geography class unit covering economic systems.
Flashcards
14 cards
F
Practice quiz
P
Host live
L
Questions
14
Answers
1
What are market economies based upon?
public ownership
Product availability
equality
Free Enterprise
2
What is the governments roll under a mixed economy?
Support Market Price
Decide Quantity of goods produced
supports and regulates free enterprise through decisions.
3
System inwhich the government supports free enterprise through decisionsthat affect the market.
Market
Command
Traditional
Mixed
4
have the right to own property or businesses, make profit with limited government interference.
Private Individuals or groups
Markets
Governments
5
Economic System in which habit and custom determine the rules for all economic activity.
Traditional
Market
Command
6
Which is not one of the three decisions economic systems must make?
What and how many goods can be produced?
How goods should be produced?
Who gets the goods and services?
How much goods should cost?
7
Belief that economic decision making should benefits all of society and not just a few people
Command Economy
Mixed Economy
free Market
8
Economic system in which the government makes all decisions.
Market
Traditional
Command
Mixed
9
Economic System in which individuals and private groups make decisions about what to produce.
Command
Traditional
Market
10
What is the goal of Socialism?
financial return
equal distribution of wealth
balanced economy
11
What do people choose under the Market system?
choose products they will or will not buy as shoppers
the distribution of public goods
how much national defense a nation will have
12
Which is not one of the three economic types?
Traditional
Domestic
Command
Market
13
An example of a pure market economy is
Saudi Arabia
United States
Does not exist
Mexico
14
What won't businesses do under a command economy?
determine how much they will produce
Set their own price
Make their own decisions
Determine who will buy goods
