Traditional Economy
What does the traditional economy produce?
Only what is required for the survival within the community
What does a free market economy produce?
Consumer preference determines products
What does a command economy produce?
The government prices and produces goods and services that it thinks benefits the people.
What does a mixed economy produce?
Market forces and government decisions determine which goods and services are produced
How is Romello playing two people at once?
He has a twin.
Where are traditional economies typically found?
Africa, Asia, and Latin America
Where are free-market economies typically found?
New Zealand, Singapore, and Switzerland
Where are command economies typically found?
Cuba, North Korea, and the former Soviet Union
Where are mixed economies typically found?
Norway, Sweden, and the United States
Why is the blue team wearing all different shades of blue?
This was not planned very well.
Other than money, how else are goods exchanged?
How does a free market economy produce goods?
Business owners and the government decide how a product should be produced for profit based on consumer preference.
How does a command economy produce goods?
The government decides the means of production and owns the industries that produce goods and services for the public.
How does a mixed economy produce goods?
Market forces and government direct producers to make and deliver goods and services in specified amounts.
Why is Romello not wearing black?
He didn't listen when he was told.
What is a traditional economy based around?
Agriculture, hunting, gathering, fishing, and community.
What is a free market economy based around?
Voluntary exchange of goods and consumer preference with little to no government intervention.
What is a command economy based around?
Government control of production and consumption
What is a mixed economy based around?
Mixed economy is primarily used when people want to control the market but the government helps regulate the market.
Whose podium is that?
Mr. Upshaw's
What is the definition of traditional economy?
In this economy, the goods and products a society produces are shaped by the beliefs, customs, and traditions present.
What is the definition of free market economy?
An economic system that answers the three key economic questions based on the voluntary exchange of goods. The choices of individuals determine what is produced, how its produced and how much can be consumed.
What is the definition of command economy?
Why is a Romello wearing a fake mustache?
cant grow a real one