Economic Systems Flashcard

Front

What type of economic system revolves around family and is based on custom, ritual, and/or habits to determine what is produced?

Back

Traditional Economy

Front

What type of economic system is described where the government decides what will be produced and consumers can only buy what the government allows?

Back

Command economy

Front

What type of economic system is characterized by little government interference and producers investing their money to make a profit?

Back

Market economy

Front

Which economic system is described as the most rigid and least responsive to change, where people have very little incentive to be efficient or innovative?

Back

Command economy

Front

Which economic system is characterized by communities having a low standard of living and lacking modern conveniences?

Back

Traditional economy

Front

What type of economic system is described where the government owns some basic industries but private ownership of smaller businesses is allowed?

Back

Socialism

Front

Which economic system is particularly vulnerable to environmental disasters due to its rural and farm-based nature?

Back

Traditional economy

Front

What is the economic system where production is based solely on supply and demand?

Back

Market economy

Front

Government provides low-cost or free public services: schools, health care, etc.

Back

Socialism

Front

Which of the following is an example of a public service provided by the government?
Movie theaters, Shopping malls, Schools, Restaurants

Back

Schools