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LSN Government, Unit 1: Economics Basics & Economic Systems Flashcards | StudBud
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LSN Government, Unit 1: Economics Basics & Economic Systems
LSN Government, Unit 1: Economics Basics & Economic Systems
10 terms
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StudBud Administration
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Economic Systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Prices are influenced by company supply and consumer demand.
Command
Mixed
Traditional
Market
2
TRUE or FALSE: A resource that is
scarce
usually costs lots of money to purchase.
True
False
3
What is an
opportunity cost
of the government funding millions of dollars for medical research?
Less people getting sick
More funding for schools
Less funding for the military
More cures for diseases
4
An economic system that combines elements of all the other basic systems.
Market
Traditional
Mixed
Command
5
Individual purchasing decisions determines the types of products and services offered.
Command
Traditional
Mixed
Market
6
The government owns natural and capital resources.
Traditional
Mixed
Market
Command
7
An economic system heavily influenced by habits, customs, and religious beliefs.
Traditional
Command
Mixed
Market
8
The government can make economic decisions quickly.
Mixed
Market
Traditional
Command
9
Considered synonymous with a capitalistic economy.
Traditional
Command
Mixed
Market
10
What economic system is being illustrated by this image?
Traditional
Command
Market
Mixed
