Economic Systems Flashcards

Economic Systems Flashcards

Assessment

Flashcard

others

12th Grade

Practice Problem

Easy

Created by

Laura Metzler

Used 1+ times

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

The three basic economic questions are

Back

What should be produced? How should it be produced? Who gets to consume it?

2.

FLASHCARD QUESTION

Front

What is the function of an economic system?

Back

To organize a society's production and distribution of resources.

3.

FLASHCARD QUESTION

Front

When customs dictate the economy, it is a

Back

traditional economy.

4.

FLASHCARD QUESTION

Front

When the government dictates the economy, it is a

Back

command economy.

5.

FLASHCARD QUESTION

Front

When individuals dictate the economy, it is a

Back

market economy.

6.

FLASHCARD QUESTION

Front

When individuals and the government dictate the economy, it is a

Back

mixed economy.

7.

FLASHCARD QUESTION

Front

What is the main incentive for people to actively compete in a market economy?

Back

the profit motive.

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