Economic Systems Flashcard

Front

What economic system allows the most economic freedom? Options: mixed, market, command, traditional

Back

market

Front

The former Soviet Union, Cuba and China are examples of what economic system?

Back

command

Front

What are the THREE economic questions?

Back

What to produce, how to produce and for whom to produce?

Front

Which economic system has the most government control?

Back

command

Front

Which economic system is based upon customs, beliefs and the past? Options: traditional, market, command, mixed

Back

traditional

Front

What is scarcity?

Back

Unlimited wants, but limited resources

Front

Which one is NOT an economic system? Options: Command, Market, Mixed, Communist

Back

Communist

Front

Autocratic governments would have this type of economy: traditional, market, command, mixed.

Back

command

Front

In a traditional economy, what system is used to exchange goods?

Back

Bartering

Front

Competition is the only factor in this economy system.

Back

Market