Europe Economics Flashcard Review

Front

Economic system in which roles and jobs are inherited.

Back

traditional economy

Front

Economic system in which roles and jobs are determined by the government.

Back

command economy

Front

Economic system in which the citizens dictate what goods and services to sell.

Back

market economy

Front

Economic system in which supply and demand make prices fluctuate.

Back

market

Front

Economic system in which the government owns industries and resources.

Back

command

Front

What type of economy would A represent on the continuum? Options: command, market

Back

command

Front

What type of economy would B represent on the continuum?

Back

market

Front

Why aren't there any pure market economies or pure command economies?

Back

To be a pure market economy, government could not exist.

Front

Which of the following statements about the graph above is correct? 1 and 2 encourage entrepreneurial growth, 3 and 4 have the government making the majority of the decisions for the citizens, 4 would have very little if any government regulations, 1 would have very little if any government regulations

Back

1 and 2 encourage entrepreneurial growth

Front

Which would be the best for entrepreneurial growth?

Back

4