Economy Types Flashcard

Front

Which type of economy relies on customs and traditions to guide economic activities?

Back

Traditional Economy

Front

What is a key characteristic of a command economy?

Back

Central planning

Front

What is a common feature of traditional economies?

Back

Cultural heritage

Front

In a command economy, what dominates the economy?

Back

State-owned enterprises

Front

Which type of economy is common in rural communities?

Back

Traditional Economy

Front

What do traditional economies rely heavily on?

Back

Inherited occupations

Front

What type of economy uses five-year plans for development?

Back

Command Economy

Front

Which economy type often lacks consumer choice and innovation?

Back

Command Economy

Front

What is a feature of traditional economies regarding decision-making? Options: Central planners, Elders' authority, Private ownership, Consumer choice

Back

Elders' authority

Front

Which type of economy is associated with sustainability and cultural heritage? Options: Market Economy, Command Economy, Traditional Economy, Mixed Economy

Back

Traditional Economy