Economic Systems_Chap_2
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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14 questions
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1.
FLASHCARD QUESTION
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
2.
FLASHCARD QUESTION
Front
What are the three basic questions that all economic systems face?
Back
What to produce, how to produce, for whom to produce
3.
FLASHCARD QUESTION
Front
Which economic system is based on customs, traditions, and historical practices?
Back
Traditional System
4.
FLASHCARD QUESTION
Front
What is the main characteristic of a command system?
Back
Centralized planning by the government
5.
FLASHCARD QUESTION
Front
What is the main advantage of a market system? Options: Stability, Efficiency, Central Planning, Balanced Approach
Back
Efficiency
6.
FLASHCARD QUESTION
Front
What is the main disadvantage of a mixed system? Options: Lack of Innovation, Complexity, Bureaucracy, Equity
Back
Complexity
7.
FLASHCARD QUESTION
Front
What is the main characteristic of a mixed system?
Back
Combines elements of both command and market systems
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