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Duplicate of Economics Systems Review Flashcards | StudBud
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Duplicate of Economics Systems Review
Duplicate of Economics Systems Review
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10 questions about economics covering from the systems to the policies.
Flashcards
10 cards
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Questions
10
Answers
1
This image portrays which economic system?
Socialism
Traditional
Communism
Market
2
Economics is the study of how to use limited resources to satisfy unlimited what?
money
wants & needs
decisions
supply
3
What type of economy does the government control everything?
Command economy
Market Economy
Mixed Economy
Traditional Economy
4
In a command economy the decision on whom to sell the goods to is decided by who?
Consumers
Federal reserve
The producers
The government
5
What type of economy does the USA have?
Market
Command
Traditional
Mixed
6
What is another name for an entrepreneur?
Financial Advisor
Investor
Consumer
Business Owner
7
There is no pure ___________ economic system.
Market
Mixed
Traditional
Communism
8
How many basic economic questions must every economic system answer?
9
2
7
3
9
The primary motivating factor in a market economy is...
business growth
profit
market stability
quality goods
10
Which question does NOT fit into the questions economic systems answer?
who to produce it for
what to produce
where to sell it
how to produce it
