Economic Systems_Chap_2

Front

What is the main idea of the text? Options: Different types of economic systems, The impact of globalization on economic systems, The history of economic systems, Advantages of traditional economic systems

Back

Different types of economic systems

Front

What are the three basic questions that all economic systems face?

Back

What to produce, how to produce, for whom to produce

Front

Which economic system is based on customs, traditions, and historical practices?

Back

Traditional System

Front

What is the main characteristic of a command system?

Back

Centralized planning by the government

Front

What is the main advantage of a market system? Options: Stability, Efficiency, Central Planning, Balanced Approach

Back

Efficiency

Front

What is the main disadvantage of a mixed system? Options: Lack of Innovation, Complexity, Bureaucracy, Equity

Back

Complexity

Front

What is the main characteristic of a mixed system?

Back

Combines elements of both command and market systems

Front

What is the main disadvantage of a traditional system?

Back

Lack of Innovation

Front

What is the main advantage of a command system?

Back

Central Planning

Front

What is the main advantage of a traditional system? Options: Balanced Approach, Stability, Efficiency, Central Planning

Back

Stability