What is a difference between a market economy and a command economy?

Competition provides consumers choices in a market economy.

What is a characteristic of a command economy compared with other types of economic systems?

Government provides an equal standard of living for everyone

How does the Federal Reserve impact the U.S. economy?

Circulates more money to stimulate consumer purchasing

Compare the way economic decisions are made in an Amish community to that of Russia.

The Amish make decisions based on tradition.

What is a difference between a traditional economy and a free enterprise system?

Supply/demanddrive economic decisions in a free enterprise.

What is an advantage of the market portion of the United States economic system?

Businesses determine what to produce based on demand.

What is a DISADVANTAGE of a traditional economy compared to other types of economic systems?

State-of-the-art technology is not used.

What is an ADVANTAGE of a market economy compared with a traditional economy?

innovation and competition in the marketplace are encouraged

How does a bear market impact the U.S. economy?

Consumers will spend less money and save more.

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8th Grade BU20 Module 2

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Answers

1
What is a difference between a market economy and a command economy?
Supply and demand determine prices in a command economy.
Competition provides consumers choices in a market economy.
The government ensures competition in a command economy.
The government selects what is produced in a market economy.
2
What is a characteristic of a command economy compared with other types of economic systems?
Business owners make their own economic decisions.
Decisions are based on customs and traditional thinking.
Government provides an equal standard of living for everyone
Consumers make the decisions about what is produced.
3
How does the Federal Reserve impact the U.S. economy?
Raises interest rates to stimulate consumer purchasing
Raises interest rates to increase employment opportunities
Decreases money circulation to help businesses
Circulates more money to stimulate consumer purchasing
4
Compare the way economic decisions are made in an Amish community to that of Russia.
Individuals and government make the decisions for the Amish.
The Amish make decisions based on tradition.
Tradition dictates how decisions are made in Cuba.
Individuals make the decisions in Cuba.
5
What is a difference between a traditional economy and a free enterprise system?
Competition determines decisions in a traditional economy.
Supply/demanddrive economic decisions in a free enterprise.
Traditional free enterprise system decisions are made.
The free enterprise system focuses on family.
6
What is an advantage of the market portion of the United States economic system?
Businesses determine what to produce based on demand.
Government tells business what to produce based on supply.
Consumers only purchase what the government allows.
There is no government regulation of any businesses.
7
What is a DISADVANTAGE of a traditional economy compared to other types of economic systems?
Government takes care of people's needs.
Competition guides production decisions.
State-of-the-art technology is not used.
Decisions are centered toward the family.
8
What is an ADVANTAGE of a market economy compared with a traditional economy?
the government decides what is produced.
economic decisions are made the same as always.
innovation and competition in the marketplace are encouraged
there is an equal standard of living for everyone.
9
How does a bear market impact the U.S. economy?
Consumers will spend less money and save more.
Business sales will increase rapidly.
Businesses will be able to hire more workers.
Consumers will be able to spend more money.
10
Sonic began offering salads, Hardees also started to sell salads. This is an example of:
private property ownership.
competition.
freedom of enterprise and choice.
self-interest and profit motive.

8th Grade BU20 Module 2 Flashcards | StudBud