People meet their basic needs much as their ancestors did.
Economic Systems

Flashcard
•
Geography, Social Studies
•
9th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
Traditional Economy
2.
FLASHCARD QUESTION
Front
People freely produce and buy what they want.
Back
Free Enterprise (Capitalist/Free Market) Economy
3.
FLASHCARD QUESTION
Front
Government owns some (but not all) basic industries.
Back
Socialist (Mixed) Economy
4.
FLASHCARD QUESTION
Front
Government sets all economic goals to be met. Options: Socialist (Mixed) Economy, Free Enterprise (Free Market/Capitalist) Economy, Communist (Command) Economy, Traditional Economy
Back
Communist (Command) Economy
5.
FLASHCARD QUESTION
Front
Economic decisions are made on the basis of customs and beliefs handed down from one generation to another.
Back
Traditional Economy
6.
FLASHCARD QUESTION
Front
In this economic system, the three fundamental economic questions are answered by the interplay between consumers and producers: 1. What should be produced? 2. How should it be produced? 3. Who gets what is produced?
Back
Free Enterprise (Free Market/Capitalist) Economy
7.
FLASHCARD QUESTION
Front
Private ownership of smaller businesses is allowed.
Back
Socialist (Mixed) Economy
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