TRADITIONAL
ECONOMY
COMMAND ECONOMY
MARKET
ECONOMY
MIXED ECONOMY
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100
In a traditional economy, how are economic decisions made?
custom and habit
100
Define command economy
an economy in which production, investment, prices, and incomes are determined centrally by a government. A command system is based on goals passed down from a central ruler or ruling class. In a command economy, the ruling class or government makes all of the economic decisions, such as what goods and services will be produced, how much they should be sold for and how much workers will be paid for producing them.
100
In a market economy, who makes the economic decisions?
Consumers and the market
100
advantages to a mixed economy a. supply and demand b. balance of needs and wants c. Unincorporated Area d. strong and moderate e. both a and b
the answer is b but to me it is e A/B/E answer that i will take
100
Which activity would be most characteristic of people in a traditional society? A) Having the same occupation as their parents B) Establishing a mercantile system of trade C) Working in an industrialized cities D) Serving in government assemblies
the answer is A
200
Define Traditional Economy
In a traditional economy, most of the economic decisions that are made are based on custom and on the habit of how such decision were made in the past. A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based..
200
In a command economy, how are economic decisions made?
government planning group
200
Define market economy
A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
200
Define mixed ecoonmy
A mixed economy is variously defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism. an economic system combining private and public enterprise
200
How are major economic decisions made in a command economy?
Officials of the government control all aspect of economic activity
300
All of the following are examples of a traditional economy except - A) Hunting and gathering B) Subsistence agriculture C) Large scale manufacturing D) The barter system
the answer is C LOOK AT MS. WILKINSON TO TELL YOU WHY
300
which would be a problem in a command economy
Individual trying to start a new business
300
What does a market economy produce?
What people want to buy and sell
300
name a country that has a mixed economy
United States☺
300
How can one best describe the economy operating under a free enterprise system?
Prices change according to changes in the supply and demand for products
400
name a country that has a traditional economy
Traditional economies are often found in areas like Africa, Asia, and parts of South America. The Inuit in Canada are also a group that use this system. The standard of living, or quality of life, is often lower than in countries like the United States.
400
country with command economy
The command economy is a key feature of any communist society. China, Cuba, North Korea and the former Soviet Union are examples of countries that have command economies.
400
A market can accurately be described as A) a place to buy things B) a place to sell things C) the process by which prices adjust to reconcile the allocation of resources D) a place where buyers and sellers meet
the process by which prices adjust to reconcile the allocation of resources
400
In the mixed economy A) economic problems are solved by the government and market B) economic decisions are made by the private sector and free market C) economic allocation is achieved by the invisible hand D) economic questions are solved by government departments
economic problems are solved by the government and market
400
Which of the following lists the economic systems in the correct order they would appear on the economic spectrum? -Mixed, Command, Free Enterprise -Free Enterprise, Mixed, Command -Free Enterprise, Command, Mixed -Command, Mixed, Free Enterprise
the answer is Free Enterprise, Mixed, Command
500
What does a traditional economy produce?
What people need to survive
500
A command economy decides resource allocation by government planning A) TRUE B) FALSE
TRUE
500
Who takes the financial risk in starting a new business in a market economy? A. Consumers B. Government planners C. Individual business people D. A combination of C and b
what do you think
500
Answer the EQ on the board
MS WILKINSON
500
What is a Economic System
An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society.
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