Economics Systems Open-Note Flashcard

Front

No pure market economies exist today.

Back

True

Front

Aborigines and Inuit tribes are associated with which economic system?

Back

Traditional

Front

Which word is NOT associated with market economies? Options: laissez-faire, free enterprise, The Invisible Hand, shared wealth

Back

shared wealth

Front

The two key decision-makers in a market economy are represented by: households and businesses, supply and demand, households and the government, the markets and business

Back

households and businesses

Front

True or False: The most common economic system around the world today is a market economy.

Back

True

Front

Free Market Economy

Back

The laws of supply and demand allocate resources, goods, and services with little government interference

Front

Where does power lie in a free-market economy?

Back

the consumer

Front

What best describes a mixed economy?

Back

An economy that incorporates elements of both market and command economies.