Economic Systems in the World Flashcard

Front

What is the main goal of Communism?

Back

Create a classless society and communal ownership of the means of production

Front

What are the key characteristics of a command economy?

Back

Government control of all economic activities

Front

What is the role of government in a socialist economic system?

Back

The government owns and controls the means of production, regulates and redistributes resources.

Front

What are the main differences between capitalism and socialism?

Back

Ownership of means of production, distribution of wealth, and role of government in the economy.

Front

What are the four main types of economic systems? Options: Traditional, Command, Market, Mixed, Capitalist, Socialist, Communist, Democratic, Supply, Demand, Equilibrium, Surplus, Agricultural, Industrial, Technological, Environmental

Back

Traditional, Command, Market, Mixed

Front

What is the primary feature of a traditional economy?

Back

Reliance on agriculture, hunting, and gathering

Front

What is the role of supply and demand in a market economy?

Back

Supply and demand determine the prices of goods and services.

Front

What are the advantages and disadvantages of a mixed economy?

Back

Advantages include economic stability, social welfare, and innovation. Disadvantages include potential for government intervention and inequality.

Front

How does globalization impact different economic systems?

Back

It increases international trade, influences government policies, and shapes the flow of capital and labor across borders.

Front

How does a mixed economy combine elements of capitalism and socialism?

Back

By allowing private ownership and market forces while also having government regulation and intervention.