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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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A introduction to the four basic economic systems
Flashcards
8 cards
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Practice quiz
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Questions
8
Answers
1
What are the benefits of a mixed economy?
More freedoms
Flexibility
Independance
Regulation
2
What economic systems does a Mixed economy combine?
Command and Market
All of them
Socialism and Traditional
Command and Traditional
3
What are the benefits of a command economy?
Independance
Regulation
A free market
Preservation of tradition
4
What does a Market economy rely on?
Outside Interests
The Government
Supply and demand
The needs of survival
5
Who controls a Command economy?
The people
Supply and demand
Private business
The government
6
What are the benefits of a Market economy?
Rigid regulations
Adaptability
Governmental regulation
Independance
7
What are the benefits of a Traditional economy?
A international presence
Minimal waste
Stability
Increased capital
8
What does a Traditional economy normally rely on?
Trade
Manufacturing
Agriculture
Enterprise
