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Duplicate of Economic Systems Flashcards | StudBud
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Duplicate of Economic Systems
Duplicate of Economic Systems
23 terms
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StudBud Administration
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A#Reviewofthreemaineconomicsytems#traditional#command#market#andmixed
Flashcards
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Questions
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Answers
1
In this system, individuals make choices on how to use resources based on market prices
Market
Traditional
Command
2
the arrangement that allows buyers and sellers to exchange things
profit
market
specialization
safety net
3
In this system, you may not have a choice of career
Command
Traditional
Market
4
Hope of reward or the fear of punishment that encourages a person to behave in a certain way
incentive
safety net
specialization
invisible hand
5
In this system individuals decide for themselves how to answer the 3 basic questions
Market
Command
Traditional
6
Found in Europe and the U.S.
Market
Command
Traditional
7
Found in North Korea and China
Market
Traditional
Command
8
What "invisible hand" regulates the free market economy?
competition and self-interest
government
9
This system is also called capitalism
Command
Market
Traditional
10
In this system, the 3 basic questions are answered often based on religious beliefs and customs
Traditional
Command
Market
11
This system has a group of central planners that make decisions on the 3 basic questions.
Command
Traditional
Market
12
In this system, people know what is expected of them
Market
Command
Traditional
13
In this system, parents teach their children the skills their parents taught them
Traditional
Command
Market
14
Who coined the term invisible hand?
John Adams
Adam Smith
Karl Marx
15
What is an organization that uses resources to produce a product and then sell it called?
incentive
firm
specialization
16
In this system, methods of production are inefficient and consumer choices on goods are rare
Market
Traditional
Command
17
People have freedom in career, spend/not their income, own property or take risks for profits
Market
Traditional
Command
18
What is the method used by a society to produce and distribute goods and services?
demand
safety net
economic system
supply
19
In this system, individuals own the factors of production
Market
Command
Traditional
20
In this system there is a voluntary exchange of goods/services between buyers and sellers
Command
Traditional
Market
21
The financial gain made in a transaction
Profit
safety net
Subsidy
Specialization
22
What is the level of economic prosperity for a nation?
safety net
supply
demand
standard of living
23
There is no benefit to working efficiently because the government determines salaries
Market
Command
Traditional
