Economic Systems Flashcard
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
Wayground Content
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9 questions
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1.
FLASHCARD QUESTION
Front
What is the structure of methods and principles that a society uses to produce and distribute goods and services?
Back
Economic system
2.
FLASHCARD QUESTION
Front
Who is known for the doctrine of Laissez Faire, which advocates for a 'hands off' policy in the marketplace?
Back
Adam Smith
3.
FLASHCARD QUESTION
Front
Which economic system relies on habit, custom, or ritual to decide the three key economic questions?
Back
Traditional economy
4.
FLASHCARD QUESTION
Front
What is an advantage of a traditional economy?
Back
Everyone knows their role
5.
FLASHCARD QUESTION
Front
Which country is an example of a command economy where everything, including media and tourism, is owned by the government?
Back
North Korea
6.
FLASHCARD QUESTION
Front
What is a disadvantage of a command economy?
Back
Rewards only productive resources; does not provide for people too old, or too sick to work
7.
FLASHCARD QUESTION
Front
Which economic system is primarily based on supply and demand decisions made in the best interests of individuals?
Back
Market economy
8.
FLASHCARD QUESTION
Front
What is an advantage of a market economy?
Back
Able to adjust to change gradually
9.
FLASHCARD QUESTION
Front
What is the process of selling businesses or services operated by the government to individual investors and then allowing them to compete in the marketplace?
Back
Privatization
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