Economic Systems Flashcard #1

Front

Moana's village would be an example of a ___________ economy.

Back

Traditional

Front

A ______________ economy is guided primarily by custom, habit, and ritual.

Back

Traditional

Front

A _____________ economy is completely determined and controlled by a central planning authority or the government.

Back

Planned/Command

Front

A _____________ economy is driven entirely by voluntary exchange in markets.

Back

Free Market

Front

A _________ economy is a market-based system in which the government is involved to some extent.

Back

Mixed

Front

The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.

Back

True

Front

Does the old Soviet-style planned/command economy exist in its pure form anywhere in the modern world?

Back

True

Front

This is an example of an economic model called a______________

Back

Production Possibilities Curve