Economic Systems
Flashcard
•
History
•
9th Grade
•
Hard
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21 questions
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1.
FLASHCARD QUESTION
Front
Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)? Options: Traditional, Command, Market, Mixed
Back
Traditional
2.
FLASHCARD QUESTION
Front
Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism? Options: Traditional, Command, Market, Mixed
Back
Command
3.
FLASHCARD QUESTION
Front
Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions? Options: Traditional, Command, Market, Mixed
Back
Market
4.
FLASHCARD QUESTION
Front
Which economic system is both market and command combined and most democratic countries fall into this category?
Back
Mixed
5.
FLASHCARD QUESTION
Front
Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced?
Back
Command
6.
FLASHCARD QUESTION
Front
Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?
Back
Market
7.
FLASHCARD QUESTION
Front
Which type of economic systems do Cuba and North Korea have? Options: Traditional, Command, Market, Mixed
Back
Command
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