Types of Economies
In which type of economy are decisions made based tradition and custom and citizens reliant upon agriculture?
What is a traditional economy.
Which side of the economic continuum is closest to pure command? (Hint: The lemons sure are sour on this side!)
What is the left side.
When SUPPLY goes UP and DEMAND stays the SAME, what happens to price?
What is the price goes DOWN.
In which government system does one leader hold all the power?
What is an autocracy.
In which system do citizens DIRECTLY elect the president?
What is a PRESIDENTIAL democracy.
In which type of economy does the government control all resources and production?
What is a command economy.
Which side of the economic continuum is closest to pure market? (Hint: The tea sure is sweet on this side!)
What is the right side.
When DEMAND goes UP and SUPPLY stays the SAME, what happens to price?
What is the price goes UP.
In which system do citizens have the most power?
What is a democracy.
In which system is the head of government chosen by the legislature?
What is a parliamentary democracy.
In which type of economy do individuals and businesses/companies make most decisions with little or no government control?
What is a market economy.
True or False: No country has a pure market or pure command economy.
What is true.
What do we call the point where supply and demand meet?
What is equilibrium.
Give one example of an autocratic government.
What is Cuba or North Korea.
What is the title of the head of government in a parliamentary democracy?
What is the Prime Minister.
What type of economy combines government control with individual decision-making?
What is a mixed economy.
Where does the United States fall on the economic continuum?
What is closer to the market side but still mixed.
Give one real-world example of high demand causing higher prices.
What is gas prices, g-shock watches, Lulu Lemon, Sprayground backpacks, Playstation 5's, etc.
In a democracy, how do citizens participate in government?
What is by voting, running for office, or expressing opinions.
In which system are the executive and legislative branches separate?
What is a presidential democracy.
Give one real-world example of a command economy.
What is Cuba or North Korea.
Which country in Latin America is closest to command on the continuum?
What is Cuba.
If a store has too much supply of shoes that no one wants, what must they do?
What is lower the price (have a sale).
What is one key difference in citizen rights between autocracy and democracy?
What is citizens in democracies have freedoms (speech, vote, choice), while citizens in autocracies have very limited rights.
Which system is used in the United Kingdom?
What is a parliamentary democracy.