Types of Economies Flashcards

1
Q

What is a subsistence economy?

A

Economy with absence of exchange

Largely based on agri and livestock - economy produces just enough to cover the group of people/society.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a global economy?

A

Economic activity / Institutions globally

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a barter economy?

A

Exchange only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a mixed economy?

A

Economy with substantial government intervention

Example: Ireland, US, UK etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a command economy?

A

Resources allocation is directed by the state only

Example: Communist Cuba, North Korea etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a market economy?

A

Exchange economy with little government intervention

How well did you know this?
1
Not at all
2
3
4
5
Perfectly