Economic Systems 2024/25

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Wayground Content
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16 questions
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1.
FLASHCARD QUESTION
Front
Guess the economic system! In a place where money doesn't exist, some people hunt, others farm, and everyone's needs are met. Which economic system is this?
Back
Traditional
2.
FLASHCARD QUESTION
Front
Can you guess the economic system? In this system, individuals, rather than the state, own most of the resources.
Back
Market Economy
3.
FLASHCARD QUESTION
Front
Guess the economic system! Jose started his own auto repair business. He decides what to do with the profits. What economic system is this?
Back
Market
4.
FLASHCARD QUESTION
Front
What is the economic system where the government owns and distributes all the factors of production?
Back
Command Economy
5.
FLASHCARD QUESTION
Front
Who answers the basic economic questions in a traditional economy?
Back
Customs
6.
FLASHCARD QUESTION
Front
Who answers the basic economic questions in a command economy?
Back
The government
7.
FLASHCARD QUESTION
Front
Who answers the basic economic questions in a free market economy?
Back
Consumers & producers
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