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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
For whom do you produce in the command economy?
To the consumer.
To the people who lives in the village.
Whoever the people tell you to produce it to.
whoever the government decides to give them to.
2
The arguments against a command economy include
there is no incentive for profit or advancement
there are often shortages
there is a general low standard of living
all of the answers
3
a Market Economy is ran by the __________________?
Culture
Government
Committee
People
4
For whom do you produce in the traditional economy?
To the people their ancestors use to give.
People in the village who needs them.
whoever the government decides to give them to.
You produce to the consumers.
5
what is a command economy?
government allocate all resources and decide what to produce
command economy is a controlled trade.
A command economy is an economy that satisfies wishes
A command economy produces outputs with services.
6
What are some examples of a Traditional Economy?
Central African Mbuti
All of the above
Australian Aborigines
Canadian Inuit
7
A Traditional Economy is ran by ____________?
Custom and ritual
Government
8
What to produce in the traditional economy
private citizens make decisions on supply demand.
People follow tradition& make what their ancestors made.
The government decides what to produce.
Consumers make what to produce.
9
In this economy the people make their own choices about which goods and services they will buy or produce.
Traditional Economy
Free Enterprise
Command Economy
10
For whom to produce in the market economy?
To their family.
To the consumers.
People in village who need them.
Whoever the government decide to produce it to the people.
11
A market economy is known as
consumerism
capitalism
socialism
communism
12
How to produce for market economy?
People follow their ancestors of how to produce it.
Businesses( owned by private citizens)
Government decides hoe to make them.
People in the village have a way to how to produce it.
13
What is an example of traditional economy
Soviet Union, China, North Korea and Cuba
Hong Kong, Singapore, Australia and the United States
Barter of hunted prey used by Inuit tribe in northern Canada
Law of supply and demand
14
How to produce in the traditional economy?
By putting commercials viral.
being creative( making things with their own tool).
people produce goods the same way that their ancestors did.
selling really good stuff.
15
What is a traditional economy like?
Technology based
Small and close
Big and Large
A high standard of living
16
In the command economy how do you produce?
using the resources they need to produce good.
Businesses( owned by private citizen)
People produce goes the same way that their ancestors did.
Government decides how to make them.
17
What is subsistence farming?
wearing out land through over production
system of racial segregation on farms
growing enough crops to feed your family
land that is not fit for growing crops
18
What to produce in the command economy?
The people will decide what will be produce.
Command is in a communist country.
The government decide to what will be produce.
The buyers will decide what will be produce.
