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Types of Economic Systems Flashcards | StudBud
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Types of Economic Systems
Types of Economic Systems
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1
What person is MOST associated with a Market/Capitalist Economy?
Adam Smith
Karl Marx
2
We watched people barter and trade a paperclip as an example of what type of economic system?
Command/Communist Economy
Market/Capitalist Economy
Traditional Economy
3
Which of these was our historical example of a Command Economy?
Soviet Union under Communism
Feudalism in Europe
U.S. during the Gilded Age
4
What type of economic system is totally controlled by the government?
Traditional Economy
Command/Communist Economy
Market/Capitalist Economy
Mixed Economy
5
What type of economic system is based largely on agriculture and trading of goods and services?
Mixed Economy
Command Economy
Traditional Economy
Market/Capitalist Economy
6
Employers take advantage of or abuse workers in which type of economic system, due to a lack of government regulation?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitalist Economy
7
Most countries in the world today are what type of economic system?
Market/Capitalist Economy
Command/Communist Economy
Traditional Economy
Mixed Economy
8
Which of these was used as our historical example of a Traditional Economy?
U.S. during the Gilded Age
Amish the USA
Soviet Union
9
What type of economic system is BEST represented in this image?
Command/Communist Economy
Mixed Economy
Market/Capitalist Economy
Traditional Economy
10
Which type of economy BEST allows some people to become very rich while others may be poor?
Command/Communist Economy
Mixed
Market/Capitalist Economy
Traditional Economy
11
"A way of deciding what to produce and how it is distributed." This is a definition of ...
economic system
capital
bartering
communism
12
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Command/Communist Economy
Traditional Economy
Market/Capitalist Economy
Mixed Economy
13
Which type of economy BEST attempts to distribute goods and services equally?
Market/Capitalist Economy
Command/Communist Economy
Mixed Economy
Traditional Economy
14
Which economy fairly stable, since people what their parents did, generation after generation?
Mixed Economy
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
15
What is the oldest types of economic system?
Market/Capitalist Economy
Command/Communist Economy
Mixed Economy
Traditional Economy
16
We played a Coffee Shop game as an example of what type of economic system?
Market/Capitalist Economy
Traditional Economy
Command/Communist Economy
17
What type of economic system is BEST represented by this image?
Mixed Economy
Market/Capitalist Economy
Command/Communist Economy
Traditional Economy
18
Switching types of economic systems is usually easy for a country or person. TRUE OR FALSE?
False
True
19
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Command/Communist Economy
Mixed Economy
Traditional Economy
Market/Capitalist Economy