Economic Systems 1
This term means "the way a society uses it scarce resources to satisfy its people's unlimited wants"
What is an economic system
All societies and economies face unlimited wants and limited resources, otherwise known as
What is scarcity
A traditional economy has tribes, families, or clans making economic decisions based on their
Traditional economies ______ change
Possible Answers: 'resist' or 'constantly'
Name 3 types of economic systems
What is a traditional economy, command economy, and market economy
In this economy, the government decides what will be produced
What is a command economy
In this economy, individuals choose what they want to produce or buy, not the government
Traditional economic systems are becoming more common in today's society - True/False
What is false
The one goal of societies with a traditional economy is survival - True/False
What is true
Supply and demand, self-interest, and free enterprise are words often associated with what type of economy?
What is a market economy
Which of the following has a market economy:
A) England B) the Inuit of Alaska C) North Korea
What is A) England
Which of the following has a command economy:
A) Brazil B) Cuba C) Japan
What is B) Cuba
A predominantly traditional economy can be found in:
A) Canada B) France C) Mali
What is C) Mali
An advantage of the traditional economy is that
A) there is little disagreement in economic goals and roles
B) they resist change and new technology
C) people can only do the jobs they were assigned to, not those that they are best at or want to do
What is A) there is little disagreement in economic goals and roles
Limited consumer choice and government control are words often associated with what type of economy?
What is a command economy
A ______ economy has attributes of more than one type of economic system
What is mixed
In a _______ economy, the government owns the means of production
What is command
In a traditional economy, the good of the group takes precedence over individual desires - True/False
What is true
In a traditional economy, everyone chooses their own role and can change to another role whenever they want - True/False
What is false
A command economy is generally found in (communist/capitalist) societies
(Choose one)
What is communist
What is another name for a market economy?
What is a capitalist economy
What is another name for a command economy?
What is a planned economy
What is another name for a traditional economy?
What is a subsistence economy
In a traditional economy, common jobs include
A) farming and fishing
B) accounting
C) financial analysis
What is A) farming and fishing
The economy that is under pressure to change and dissipate worldwide is what?
What is a traditional economy