economic systems-Flocabulary

Front

Every economic system answers three questions. What is produced? How is it produced?

Back

For whom is it produced?

Front

An economic system is a society's system of production, distribution and consumption of: natural resources, goods and services, stocks and bonds, factors of production

Back

goods and services

Front

Who owns factors of production in a command economy?

Back

the government

Front

Is production typically based on a quota in a command economy?

Back

True

Front

Which of the following is not a characteristic of a market economy?

• Profit is the motivation for most businesses
• Supply and demand dictate price and production
• Competition between businesses is discouraged

Back

Competition between businesses is discouraged

Front

If supply is low and demand is high, what happens to prices?

Back

prices rise

Front

Which type of economic system should not experience market fluctuations?

Back

command economy

Front

Which of the following best describes the Soviet Union in the 20th century?

Back

Communism led to corruption and totalitarian rule

Front

What leads to better, less expensive products in a capitalist economy? Options: quotas, competition, market fluctuations, inequality.

Back

competition

Front

Which countries have an economy? China, United States, both A and B, Neither A nor B

Back

both A and B