
SS7e4 SS7e5
Flashcard
•
History
•
7th Grade
•
Practice Problem
•
Hard
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32 questions
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1.
FLASHCARD QUESTION
Front
An economic system is a way in which people decide to organize the production, distribution, and consumption of goods and services.
Back
true
2.
FLASHCARD QUESTION
Front
What, how, and for whom to produce are the basic economic questions that every society must answer.
Back
true
3.
FLASHCARD QUESTION
Front
Do all societies answer the three basic questions in the same way?
Back
false
4.
FLASHCARD QUESTION
Front
In a market economy, only the government decides what goods are produced.
Back
False
5.
FLASHCARD QUESTION
Front
In a command economy, consumer purchasing decides what goods and services are produced.
Back
false
6.
FLASHCARD QUESTION
Front
In a command economy, the government decides how the goods will be produced and distributed.
Back
true
7.
FLASHCARD QUESTION
Front
In a traditional economy, custom and habit determine economic decisions.
Back
true
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