Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Economic Systems

Economic System Characteristics

CharacteristicSystem
Customs govern the economic decisions that are made. Traditional
Technology is not used. Traditional
Farming, hunting and gathering are done the same way as the generation before. Traditional
Economic activities are usually centered toward the family or ethnic unit. Traditional
The government or other central authority makes decisions and determines how resources will be used Command
Change can occur relatively easily. Command
There is no economic freedom. Command
There is no competition. Command
Businesses are not run to create a profit. Command
Consumers have few choices in the market place. Command
Factories are concerned with quotas. Command
Shortages are common because of poorly run factories. Command
The government dictates the job in which you work. Command
The government sets the prices of goods and services. Command
Resources are owned and controlled by individuals. Market
Economic decisions are made by individuals competing to earn profits. Market
Economic freedom is considered very important. Market
Economic decisions are made by the basic principles of supply and demand. Market
Profit is the motive for increasing work rather than quotas. Market
This system is also described as capitalism. Market
There are many economic freedoms. Market
There is competition among businesses. Market
Competition determines price which increase the quality of the product. Market
Government and individuals share the decision making process. Mixed
Government guides and regulates production of goods and services offered. Mixed
This system protects consumers and workers from unfair policies. Mixed
This is considered the most effective economy for providing goods and services. Mixed
Created by: smmhr5
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards