Mixed Economic Systems Flashcard

Front

What is a mixed economic system?

Back

A combination of market and command economies

Front

Which of the following is a characteristic of a command economy? Prices determined by supply and demand, Limited government control, Government owns all resources, Free market competition

Back

Government owns all resources

Front

What role does the government play in a mixed economy?

Back

It regulates and supports both public and private sectors

Front

In a _ economy, decisions are based on supply and demand.

Back

Market

Front

The United States is an example of a _ economy.

Back

Mixed

Front

What is an example of government intervention in a mixed economy? Options: Complete privatization of industries, Implementation of regulations to control pollution, Removal of all trade barriers, Abolishing taxes

Back

Implementation of regulations to control pollution

Front

What is the purpose of government intervention in a mixed economy?

Back

To protect the environment and public health

Front

Which type of economy is driven by supply and demand with little government intervention?

Back

Market economy

Front

In a command economy, who makes all economic decisions?

Back

The government

Front

Why do most countries choose a mixed economic system?

Back

To balance efficiency and innovation with social welfare and security