A combination of command and market economies which provides goods and services
What is a Mixed Economy
100
The most prosperous economic system
What is a Market Economy
100
The oldest economic system in the world
What is a Traditional Economy
100
Name all four economies
What are Traditional, Market, Command, and Mixed
200
This economy has very little resources and is hard to obtain all things for survival
What is a Traditional Economy
200
Involves bartering (trading)
What is a Traditional Economy
200
This economic system is found in rural (in the country) communities
What is a Traditional Economy
200
A system in which people grow their own food and make their own goods
What is a Traditional Economy
200
The USA is this type of economy
What is a Mixed Economy
300
Also called a planned economy
What is a Command Economy
300
Prices in this economy are determined by the supply and demand for goods
What is a Market Economy
300
There are no 100% "free enterprise" economies yet the USA and Germany are close
What is a Market economy
300
The government decides what to produce, how much to produce, and what the prices will be
What is a Command Economy
300
It is 2 weeks before Halloween, and the XL jumbo pumpkin crop was just delivered to Plum Market.
Choose supply or demand and determine whether it rises or falls.
What is supply rises and demand Falls
400
Goods and services are exchanged without the use of money
What is a Traditional Economy
400
A system in which production of goods and services is decided by a central government
What is a Command Economy
400
The government owns most of the resources and businesses that produce goods and services
What is a Command Economy
400
The government may own some industries while others belong to private owners
What is a Mixed Economy
400
A severe freeze kills one-third of the pumpkin crop one month before Halloween.
Choose supply or demand and determine whether it rises or falls.
What is supply falls and demand rises
500
This economy is found in North Korea, Cuba, and China. Communist governments of these nations own and control most businesses
What is a Command Economy
500
The goverment determines what infrastructure will be built, and passes laws putting many regulations upon private industry in this economic system
What is a Mixed Economy
500
A system in which production of goods and services is decided by a central government
What is a Command Economy
500
Individuals and businesses are free to make, buy and sell what they wish
What is a Market Economy
500
What would happen in the market for synthetic, decorative Jack-o-lanterns if one-third of the pumpkin crop freezes?
Choose supply or demand and determine whether it rises or falls.