Understanding Economic Systems 2024

Understanding Economic Systems 2024

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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15 questions

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1.

FLASHCARD QUESTION

Front

What are the three basic questions all economic systems face?

Back

What, how, and for whom to produce

2.

FLASHCARD QUESTION

Front

In an economic system, if the government invests more in building new roads, what is likely to happen?

Back

Fewer resources will remain for maintaining national parks

3.

FLASHCARD QUESTION

Front

Which of the following best describes a traditional economic system? Options: Based on supply and demand, Centrally planned by the government, Guided by customs and historical practices, A mix of private and public ownership

Back

Guided by customs and historical practices

4.

FLASHCARD QUESTION

Front

In a command economic system, who typically makes the decisions about production?

Back

Government authorities

5.

FLASHCARD QUESTION

Front

Which economic system is primarily driven by supply and demand?

Back

Market system

6.

FLASHCARD QUESTION

Front

What is a key characteristic of a mixed economic system?

Back

It combines elements of both command and market systems

7.

FLASHCARD QUESTION

Front

Which of the following is an advantage of a traditional economic system? Rapid technological innovation, High economic efficiency, Preservation of cultural practices, Flexible response to market changes

Back

Preservation of cultural practices

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