Economic Systems Flashcard #1
Flashcard
•
Social Studies
•
10th - 12th Grade
•
Hard
Wayground Content
FREE Resource
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8 questions
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1.
FLASHCARD QUESTION
Front
Moana's village would be an example of a ___________ economy.
Back
Traditional
2.
FLASHCARD QUESTION
Front
A ______________ economy is guided primarily by custom, habit, and ritual.
Back
Traditional
3.
FLASHCARD QUESTION
Front
A _____________ economy is completely determined and controlled by a central planning authority or the government.
Back
Planned/Command
4.
FLASHCARD QUESTION
Front
A _____________ economy is driven entirely by voluntary exchange in markets.
Back
Free Market
5.
FLASHCARD QUESTION
Front
A _________ economy is a market-based system in which the government is involved to some extent.
Back
Mixed
6.
FLASHCARD QUESTION
Front
The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.
Back
True
7.
FLASHCARD QUESTION
Front
Does the old Soviet-style planned/command economy exist in its pure form anywhere in the modern world?
Back
True
8.
FLASHCARD QUESTION
Front
This is an example of an economic model called a______________
Back
Production Possibilities Curve
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