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Understanding Economic Systems Flashcards | StudBud
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Understanding Economic Systems
Understanding Economic Systems
33 terms
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Test your knowledge on economic systems, sectors, and key concepts related to global economies
Flashcards
33 cards
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Questions
33
Answers
1
What is the purpose of economic organizations?
Control trade
Limit economic growth
Assist with economic issues
Increase tariffs
2
What is an example of a developed economy?
United States
India
Brazil
Afghanistan
3
What is the main goal of free trade?
Encourage global trade
Limit imports
Increase tariffs
Control prices
4
What is a characteristic of developing economies?
High GDP
Improving living standards
No economic growth
Limited resources
5
Which sector focuses on knowledge?
Tertiary sector
Quaternary sector
Primary sector
Secondary sector
6
What does the quaternary sector involve?
Providing services
Extracting resources
Knowledge and information
Manufacturing goods
7
Which sector processes raw materials?
Primary sector
Quaternary sector
Tertiary sector
Secondary sector
8
What is the purpose of economic organizations?
Limit economic growth
Assist with economic issues
Control trade policies
Promote individual businesses
9
True or false: A market economy is controlled by the government.
True
False
10
Which economy has little government control?
Traditional economy
Market economy
Mixed economy
Command economy
11
True or false: Needs are essential for survival.
True
False
12
Which organization helps maintain global economic stability?
NAFTA
IMF
EU
ASEAN
13
What is an example of a nonrenewable resource?
Water
Wind
Oil
Trees
14
What is an example of a mixed economy?
United States
North Korea
Cuba
Greenland
15
What does standard of living refer to?
Population size
Government spending
Wealth and comfort
Natural resources
16
What is the main goal of the IMF?
Increase tariffs
Promote free trade
Control national economies
Provide financial assistance
17
What is free trade?
Government controlled trade
Heavy taxes on imports
Limited trade agreements
No restrictions on trade
18
True or false: The tertiary sector provides services.
False
True
19
What is the significance of free trade?
Encourages global trade
Restricts imports
Limits competition
Increases tariffs
20
What is the primary sector?
Extracting natural resources
Providing services
Research and development
Manufacturing goods
21
What is the role of labor in the economy?
Setting prices
Producing goods and services
Managing resources
Controlling the market
22
Which country has a command economy?
Germany
Cuba
Brazil
United States
23
What is productivity?
Total number of workers
Goods produced with resources
Government spending
Amount of imports
24
What is the impact of productivity on the economy?
Decreases output
Reduces employment
Increases efficiency
Limits growth
25
True or false: Nonrenewable resources can be replaced quickly.
False
True
26
What is a command economy?
Based on traditions
Individuals make decisions
Mix of both systems
Government controls decisions
27
What does GDP measure?
Total imports and exports
Total value of goods
Total population
Total number of businesses
28
Which is a renewable resource?
Trees
Oil
Natural Gas
Coal
29
True or false: The EU promotes free trade among its members.
False
True
30
What does the quaternary sector involve?
Manufacturing goods
Providing services
Extracting resources
Knowledge and information
31
What is a traditional economy?
Based on customs and traditions
Government controlled
Based on technology
Market driven
32
What is an example of a developed economy?
United States
India
Brazil
Afghanistan
33
True or false: A mixed economy has only government control.
True
False
