Economic Systems_Chap_2

Economic Systems_Chap_2

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

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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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