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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
20 terms
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StudBud Administration
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Designed for 7th Grade Geography class unit covering economic systems.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Economic system in which the government makes all decisions.
Traditional
Mixed
Market
Command
2
___have the right to own property or businesses, make profit with limited government interference in our economy.
Private Individuals or groups
Only a few people
Markets
Governments
3
Economic System in which individuals and private groups make decisions about what to produce.
Centrally Planned
Command
Traditional
Market
4
What are market economies based upon?
Price
Product availability
Free Enterprise
Constant Factors
5
How is the government involved in our mixed market economy?
Provides public goods
Issues patents
Provides safety nets
All answers are correct
6
Which is an advantage of a command economic system that is run efficiently?
Government provides safety nets when necessary
Individuals answer the 3 economic questions
There is little or no poverty
There is a great sense of pride and traditional values
7
___ requires strict government control of almost entire society + economy
Command Ecnomy
Communism
Free Enterprise
Socialism
8
An example of a pure market economy is
Saudi Arabia
Mexico
Does not exist
United States
9
What do people choose under the Market system?
They choose products they will or will not buy as consumers
The color of the products available
Decide how much a company will charge for its products.
They don't make any choices
10
What social services would a government offer in a free enterprise?
Health care only
Money for all the people
Housing only
Housing + health care for citizens in need.
11
What is the goal of Socialism?
balanced economy
financial return
equal distribution of wealth
12
What makes an economy most efficient?
Individuals
Safety nets
Government directives
Specialization
13
Economic System in which habit and custom determine the rules for all economic activity.
Command
Market
All answers are correct
Traditional
14
The United States economy is best described as a ___.
Traditional economy
Command Economy
Market economy
Mixed market economy
15
Which is not one of the three economic types?
Traditional
Command
Domestic
Market
16
What determines the difference between communism and socialism?
Goods produced.
How leaders come to power
Types of factories
Money
17
Belief that economic decision making benefits all of society and not just a few people
Mixed Economy
free Market
Command Economy
18
Which is not one of the three decisions economic systems must make?
Who gets the goods and services?
How much goods should cost?
What and how many goods can be produced?
How goods should be produced?
19
What is the governments role under a mixed economy?
Decide Quantity of goods produced
Support Market Price
Supports and regulates free enterprise through decisions.
There is no government involvement in a mixed economy.
20
System in which the government supports free enterprise through decisions that affect the market.
Command
Traditional
Mixed
Market
