Economic Systems

Economic Systems

Assessment

Flashcard

History

10th Grade

Practice Problem

Easy

Created by

Nancy Miller

Used 1+ times

FREE Resource

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9 questions

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1.

FLASHCARD QUESTION

Front

What is an economic system?

Back

An economic system is the way that a society produces, distributes, and uses goods and services.

2.

FLASHCARD QUESTION

Front

What is a traditional economy based on?

Back

A traditional economy is based on barter (trade without using money) and subsistence agriculture (farming in which the crops are used only to feed the farmer and his family).

3.

FLASHCARD QUESTION

Front

What influences economic decisions in a traditional economy?

Back

Economic decisions are often influenced by tradition and religious beliefs.

4.

FLASHCARD QUESTION

Front

Who owns businesses in a market economy?

Back

Individuals (NOT the government) own businesses and make economic decisions.

5.

FLASHCARD QUESTION

Front

How are prices determined in a market economy?

Back

Prices are determined by individuals based on supply and demand.

6.

FLASHCARD QUESTION

Front

What are other terms for market economy?

Back

capitalism

laissez-faire

free enterprise

7.

FLASHCARD QUESTION

Front

Who owns businesses in a command economy?

Back

The government (NOT individuals) owns businesses and makes economic decisions.

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