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Types of Economies Flashcards | StudBud
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Types of Economies
Types of Economies
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StudBud Administration
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Basic quiz on types of economies, supply/demand.
Flashcards
10 cards
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Questions
10
Answers
1
Which best explains why traditional economies moved to market economies?
division of labor
Marxism
socialism
democracy
2
The rivalry among buyers and sellers for goods and services is known as
competition
supply and demand
production
capital
3
What type of economy does the United States have?
Traditional
Mixed
Market
Command
4
In a nation operating under a command economy, the Three Questions of economics are decided by
tradition
a government agency
advertising
the market
5
An economy based on custom where families produce enough for their own survival.
Traditional
Command
Market
Mixed
6
The most common type of economy in the world is...
Mixed
Traditional
Market
Command
7
As the price of a good or service goes up, demand for it will
increase
remain the same
decrease
improve
8
In this type of economy, all economic decisions are made by individuals.
Traditional
Market
Mixed
Command
9
What is depicted in this picture?
services
goods and services
traditional economy
goods
10
You can own a business, but the government might control parts of it.
Mixed
Market
Command
Traditional
