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Economic Systems
Economic Systems
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Economic Systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What is a traditional economy?
An economy that is controlled by the market.
An economy that the government maintains.
There is no such thing as a traditional economy.
An economy that is based on what your ancestors did.
2
What kind of economic system does the United States have?
Mixed
Market
Command
Socialist
3
In a market economy all of the wants and needs are provided by the market.
False
True
4
What is a command economy?
Controlled by the president.
Controlled by the government
Controlled by the market
Controlled by the people.
5
The primary goal of an economic system is to provide people with a minimum standard of living.
False
True
6
Name a country that has a command economy.
France
China
United States
England
7
In a command economy all of the wants and needs are provided by government.
False
True
8
In a mixed economy the government provides the wants and the market provides the needs.
False
True
9
What are natural resources?
Raw materials that come out of a lab.
Raw materials that come from the government.
Raw materials found in nature used to produce goods.
People's knowledge, efforts and skills.
10
Most nations in the world have a command economy.
False
True
