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Economic Systems Flashcards | StudBud

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What is an example traditional economy?

What is Socialism?

Economic Systems

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Questions 10

Answers

1
What is Socialism?
No one can have personal property.
Everyone does what's best for themselves.
Community owned production.
Families trade for what they want.
2
What is an example traditional economy?
The government telling a factory how much to produce.
A family shopping in Walmart.
Communities trading what they produce for things they need.
Shopkeepers paying taxes on their goods.
3
What is Communism?
Businesses decide what to sell.
No social classes, public owns production.
Survival of the fittest.
It works like Monopoly.
4
What is Capitalism?
Citizens share everything.
The government sets the prices of things.
The government owns all the capital.
Everyone has freedom to buy and sell what they want.
5
What is bartering?
Randomly choosing who gets what.
A Simpsons character.
Selling something to the highest bidder.
Trading something you have for something you want.
6
What 2 types of economy are in a Mixed Economy?
Communism and Socialism
Command and Market
Market and Traditional
Command and Traditional
7
What is a Command Economy?
No one can command you to buy anything
Buyers choose what to buy and sellers choose the prices.
The government determines all prices and production.
You can command people to buy your items.
8
What type of Economy does the US have?
Traditional
Market
Command
Mixed
9
What is scarcity?
Not having enough of something.
Having too much of something.
A cities with lots of scars
A scary city.
10
Which of these happens in a market economy?
The government distributes food to the poor.
The price for certain medicine is fixed so it is affordable.
A shop owner stocks up on Thanksgiving merchandise in Nov.
A man barters a chicken for a bag of rice.