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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
Market
Traditional
Mixed
2
Considered synonymous with a capitalistic economy.
Traditional
Command
Market
Mixed
3
The government can make economic decisions quickly.
Traditional
Command
Market
Mixed
4
What is an
opportunity cost
of the government funding millions of dollars for medical research?
Less funding for the military
More cures for diseases
More funding for schools
Less people getting sick
5
Individual purchasing decisions determines the types of products and services offered.
Traditional
Command
Market
Mixed
6
The government owns natural and capital resources.
Market
Command
Traditional
Mixed
7
What economic system is being illustrated by this image?
Traditional
Command
Market
Mixed
8
An economic system heavily influenced by habits, customs, and religious beliefs.
Command
Mixed
Market
Traditional
9
TRUE or FALSE: A resource that is
scarce
usually costs lots of money to purchase.
False
True
10
An economic system that combines elements of all the other basic systems.
Traditional
Command
Market
Mixed
