Economic Systems Flashcard

Economic Systems Flashcard

Assessment

Flashcard

Social Studies

8th Grade

Hard

Created by

Wayground Content

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14 questions

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1.

FLASHCARD QUESTION

Front

What is the key factor in deciding the type of economic system to use in a country?

Back

The amount of government involvement

2.

FLASHCARD QUESTION

Front

Which of the following is NOT one of the three basic economic questions that all societies must answer?
What will be produced?
How will it be produced?
For whom will it be produced?

Back

When will it be produced?

3.

FLASHCARD QUESTION

Front

What characterizes a traditional economy?

Back

Economic decisions based on established customs or practice

4.

FLASHCARD QUESTION

Front

What is a defining feature of a free market economy?

Back

Minimal government involvement in the economy

5.

FLASHCARD QUESTION

Front

Which of the following is an example of what is rewarded by a free market economic system? Government regulation, Entrepreneurial boldness, Collective ownership, Price fixing

Back

Entrepreneurial boldness

6.

FLASHCARD QUESTION

Front

What does a command economy mean?

Back

An economy where property and resources are centrally owned and controlled by the government.

7.

FLASHCARD QUESTION

Front

What is a characteristic of a command economy?

Back

Economic decisions are made by a centralized authority that controls all aspects of the economy.

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