Economic Systems Flashcard

Front

Which of the following is a characteristic of a free market economy? Options: Central ownership of resources, Lack of consumer choice, Private ownership of property, Centrally planned economy

Back

Private ownership of property

Front

What is the name of the economist who provided the ideological foundation for a command economy?

Back

Karl Marx

Front

In a mixed economy, what is the role of the government compared to a free market economy?

Back

Greater role

Front

Which of the following is a factor of production? Technology, Equity, Security, Entrepreneurship

Back

Entrepreneurship

Front

Which economic system is characterized by a lack of consumer choice?

Back

Command economy

Front

In a traditional economy, what is one advantage? Options: High levels of efficiency, High levels of growth, High levels of freedom, High levels of equity

Back

High levels of equity

Front

Which economic goal aims to provide a minimum standard of living for all citizens? Options: Equity, Efficiency, Growth, Security

Back

Security

Front

What is the name of the economist who wrote 'The Wealth of Nations' and developed the study of economics as we know it today?

Back

Adam Smith

Front

In a mixed economy, how does the government typically redistribute wealth? Options: Through increased taxes on businesses, Through increased taxes on consumers, Through transfer payments, Through decreased government spending

Back

Through transfer payments

Front

Which of the following is a key advantage of a free market economic system? Lack of variety of goods, Lack of economic freedom, Lack of economic efficiency, Variety of goods

Back

Variety of goods