Why are most modern economies referred to as mixed economies?

most countries have aspects of all 3 economic types

Why do most economies today operate somewhere between maket and command economies?

most economies need a mix of free market and gov't control

What is supply and demand?

product is available/how much people will pay

Which is a part of a country's labor ?

skills and knowledge workers have

A con to a market economy is:

some people are wealthier than others

What are capital goods?

the factories and machines used to make goods

The goal of the economic planners in communism was to ________

create a utopia where everyone had enough resources

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7th Grade Economy Review

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7th Grade Economy

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Questions 20

Answers

1
Why are most modern economies referred to as mixed economies?
government planners do notkow how to handle economic problem
products made by traditional economies have no markets
most countries have aspects of all 3 economic types
poverty is always highest in countries with market economies
2
What does "distribution" mean?
to buy
to produce
to keep
to give out/share
3
How are decisions made in a market economy?
consumers and the market
government planners
custom and habit
individuals starting new business
4
What are consumers?
natural resources
people who sell products
People or buy or use products
the food chain
5
Where did Communism come from?
people who wanted to create a utopia
people who saw there was inequality with a market economy
all of the above
people who were unhappy with capitalism
6
Why do most economies today operate somewhere between maket and command economies?
gov't control of some aspects has never been successful
most consumers prefer government control to a free market
government control makes a market economy profitable
most economies need a mix of free market and gov't control
7
Which is a con to communism?
no competition means products don't have to be the best
all of the above
some supplies were scarce, or limited
no incentives for workers to work harder or to innovate
8
What is an example of a renewable natural resource?
coal
oil
gas
wind
9
Which type of economy is based on traditions and customs of ancestors?
command
market
traditional
mixed
10
What is supply and demand?
product is available/how much people will pay
how long a product is available/ is it for boys or girls
all of the above
how much a store has/how much your mom will pay
11
Which is a part of a country's labor ?
taxes collected from a country's workers
the amount of goods sold in foreigh trade in a year
skills and knowledge workers have
money paid to workers for producing goods
12
In a command economy, how are economic decisions made?
combination of consumers and planners
custom and habit
government planners
consumers and the market
13
What does "scarce" mean?
too little of a resource
Goldie Locks
too much of a resource
just the right amount of a resource
14
A con to a market economy is:
everyone has equal wealth
some people are wealthier than others
the strict government control
it is predictable
15
Who takes on the financial risk in starting a new business in a market economy?
individual business people
government planners
combination of planners and investors
consumers
16
Which is NOT a service?
taxi driver
scientist
shoes
doctor
17
What are capital goods?
money spent to train workers to use technology
workers who make goods and services
money available for scholarships to graduate schools
the factories and machines used to make goods
18
Can natural resources be nonrenewable?
no
maybe
I don't know
Yes
19
The Massai of East Africa have which type of economy?
traditional
market
mixed
command
20
The goal of the economic planners in communism was to ________
keep all resources for themselves
make their country the best
be a dictator
create a utopia where everyone had enough resources

7th Grade Economy Review Flashcards | StudBud