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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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Economic Systems Quiz
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Prices are influenced by supply and demand.
Traditional
Market
Mixed
Command
2
Individual freedom is limited.
Traditional
Command
Mixed
Market
3
Considered synonymous with a capitalistic economy.
Traditional
Market
Command
Mixed
4
Individual purchasing decisions determines the types of products and services offered.
Command
Market
Traditional
Mixed
5
An economic system heavily influenced by habits, customs, and religious beliefs.
Mixed
Command
Traditional
Market
6
Characterized by very low unemployment rate.
Traditional
Command
Market
Mixed
7
Privately owned factors of production
Traditional
Market
Command
Mixed
8
An economic system that combines elements of all the other basic systems.
Mixed
Command
Market
Traditional
9
Government owns natural and capital resources.
Market
Command
Traditional
Mixed
10
Considered synonymous with either a communist or socialist economy.
Traditional
Mixed
Market
Command
