stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems Flashcards | StudBud
Explore
/
Economic Systems
Economic Systems
13 terms
·
StudBud Administration
·
442 plays
A quiz designed to introduce the concept of economic systems in a high school economics classroom.
Flashcards
13 cards
F
Practice quiz
P
Host live
L
Questions
13
Answers
1
A ___ economy is when people rely on customs to decide what to produce.
Free Market
Mixed
Traditional
Command
2
What model best describes how voluntary exchange works in a free market economy?
Circular Flow of Money Model
Entrepreneurship Model
Government Intervention Model
Monetary Transportation Model
3
Which economic system is a theory but has not been able to exist?
Command
Traditional
Mixed
Totally Free Market
4
A ___ economy means that producers choose what to produce without intervention from government.
Traditional
Command
Free Market
Mixed
5
In a Free Market/Mixed Economy advertisements are used to help ____________ make choices.
Creators
Consumers
The Government
Producers
6
A ___ economy is when the government makes the decisions about what to produce.
Traditional
Command
Free Market
Mixed
7
Which country has never operated under a command economy?
The United States
China
Russia
North Korea
8
Adam Smith is considered to be the "founder" of what economic system?
Mixed
Traditional
Command
Free Market
9
Karl Marx came up with the idea for which economic system?
Traditional
Mixed
Free Market
Command
10
The United States uses which economic system?
Free Market
Command
Traditional
Mixed
11
_______ is anything that is generally accepted as payment for goods and services.
Money
Public Property
Entrepreneurship
Competition
12
A barter system is most likely to be found in which economic system?
Traditional
Free Market
Mixed
Command
13
Money has all of the following functions except ______.
Change of Value
Store of Value
Measure of Value
Medium of Exchange
