ECONOMICS FLASHCARD - Economies

Front

The type of government that has total control over the people and the police use power by force is called what?

Back

Authoritarian

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

This type of economy is passed down through family traditions. They learn from their parents.

Back

Traditional

Front

Which type of economy has central ownership, the government, and lack of individual choice?

Back

Command

Front

Which type of economy is usually paired with a Communist government? Options: Mixed, Market, Command, Traditional

Back

Command

Front

Who invented communism?

Back

Karl Marx

Front

Capitalism is in what type of economy?

Back

Market

Front

Which of the following are markets involved in the circular flow model? Factor Market and Resource Market, Labor Market and Product Market, Factor Market and Product Market, Resource Market and Labor Market

Back

Factor Market and Product Market

Front

Which two groups of people are represented in the circular flow model? Buyers and Sellers, Producers and Consumers, Government and Private Individuals, Households and Businesses

Back

Households and Businesses

Front

This means that the government should not interfere in the marketplace.

Back

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