stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems Flashcards | StudBud
Explore
/
Economic Systems
Economic Systems
10 terms
·
StudBud Administration
·
309 plays
123
Flashcards
10 cards
F
Practice quiz
P
Host live
L
Questions
10
Answers
1
Economic decisions are made based solely on the interaction of supply and demand in this system
Mixed
Socialist
Market
2
He believed Socialism would develop into Communism eliminating the need for Govt
Franklin Hobby
Karl Marx
Adam Smith
3
Who owns the factors of production in a command economy?
Mass media
Individual citizens
the Gov't
4
He wrote the book
Wealth of Nations
, providing the basic philosophy for a capitalist system
Karl Marx
John Locke
Adam Smith
5
This occurs between sellers keeping costs low and quality of goods/services high
profits
competition
exchanges
6
Markets, private property, competition & profits are the major characteristics of -
Laissez-faire economics
opportunity costs
Capitalism
7
Most countries with a high per capita GDP have
Trade deficits
Mixed/market economies
command economies
8
Most countries combine these 2 economies to create a mixed economy
Traditional & Command
Command & Market
Market & Traditional
9
Which of the following best defines the underlying principles of the free enterprise system.
Anyone can go into business after getting a business degree
Anyone can go into business for him/herself
Anyone can go into business with permission from the gov't
10
This type of economy is featured in the US
Mixed
Command
Market
