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Duplicate of Economics Systems Review Flashcards | StudBud
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Duplicate of Economics Systems Review
Duplicate of Economics Systems Review
16 terms
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StudBud Administration
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17 questions about economics covering from the systems to the policies.
Flashcards
16 cards
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Questions
16
Answers
1
Economics is the study of how to use limited resources to satisfy unlimited what?
supply
money
wants & needs
decisions
2
The economic system in which high taxes provide specific services for all...
Communism
Market
Socialism
Mixed
3
There is no pure ___________ economic system.
Traditional
Market
Mixed
Communism
4
This image portrays which economic system?
Traditional
Market
Socialism
Communism
5
What type of economy does the government control everything?
Market Economy
Command economy
Mixed Economy
Traditional Economy
6
In a command economy the decision on who to sell the goods to is decided by who?
The government
Consumers
The producers
Federal reserve
7
The industry displayed in the image would be considered...
Primary
Secondary
Quaternary
Tertiary
8
What kind of economy does the government control the only the large industries?
Traditionalism
Capitalism
Communism
Socialism
9
What type of economy would the USA have?
Traditional
Mixed
Command
Market
10
The industry displayed in the graphic would be considered...
Secondary
Quaternary
Primary
Tertiary
11
Which question does NOT fit into the questions economic systems answer?
how to produce it
what to produce
who gets the $
where to sell it
12
What is another name for an entrepreneur?
Investor
Financial Advisor
Business Owner
Consumer
13
The primary motivating factor in a capitalist society (market economy) is...
quality goods
profit
market stability
business growth
14
What resources are not included with the primary industry factor of production?
Oil
Coal
Water
Machines
15
How many basic economic questions must every economic system answer?
3
7
2
9
16
This graphic displays....
opportunity costs
economics
factors of price
supply and demand
