Types of Economic System (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is an economic system?
What is an economic system?
Method to organise & distribute resources
Economic systems help countries decide what to produce, how to produce it, and what else?
Economic systems help countries decide what to produce, how to produce it, and what else?
For whom to produce it
What is a free economy?
What is a free economy?
Minimal govt interference in production
Which is another name for a free economy?
Which is another name for a free economy?
Market economy
What drives economic decisions in a free economy?
What drives economic decisions in a free economy?
Supply and demand
What is a key benefit of a free economy?
What is a key benefit of a free economy?
Entrepreneurship opportunities
What is a drawback of a free economy?
What is a drawback of a free economy?
Income inequality
What is a controlled economy?
What is a controlled economy?
Govt has total control over production
Can citizens start private businesses in a controlled economy?
Can citizens start private businesses in a controlled economy?
No, private ownership not permitted
What is a drawback of a controlled economy?
What is a drawback of a controlled economy?
Lack of innovation
What is a mixed economy?
What is a mixed economy?
Combines free enterprise & govt control
Which shows Ireland's mixed economy?
Which shows Ireland's mixed economy?
HSE is public; Ryanair is private