Economic Systems

Economic Systems

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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16 questions

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1.

FLASHCARD QUESTION

Front

Who has the ultimate control in a command economy?

Back

The Government

2.

FLASHCARD QUESTION

Front

What is the economic system where both the government and private sector participate in economic decision making?

Back

mixed economy

3.

FLASHCARD QUESTION

Front

In which type of economy do both market forces and government planning play a role?

Back

Mixed economy

4.

FLASHCARD QUESTION

Front

What type of economy is characterized by a dictator making all economic decisions, as seen in North Korea?

Back

Command

5.

FLASHCARD QUESTION

Front

In which type of economy does the government not interfere in the business activities?

Back

Market

6.

FLASHCARD QUESTION

Front

Isla started a business and she has the freedom to produce whatever she thinks Liam and Oliver, her potential consumers, will buy

Back

Market

7.

FLASHCARD QUESTION

Front

Why do incentives matter in an economic system?

Back

They punish or reward decisions or motivate greater effort.

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