The Soviet Union operated a command economy. How did the USSR answer the three basic economic questions?

Citizens decide the economic questions based on supply & demand & gov rules, The government decides what, how, and for whom to produce

What is a characteristic of pure market economies?

Production decisions are based on supply and demand.

Which would most likely be a characteristic of a nation with a traditional economy?

a lack of industrial development

What is a characteristic of pure command economies?

The government controls major industries.

What do countries with traditional economies base their answers to economic questions on?

what previous generations produced

The UK has a mixed, market-leaning economy. How does the UK answer the three basic economic questions?

Citizens decide the economic questions based on supply & demand & gov rules

What do countries with command economies base their answers to economic questions on?

what the government wants to produce

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Unit 4 Economic Systems SS6E7.A

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Questions 15

Answers

1
In which type of economic system do entrepreneurs have the most freedom to start new businesses?
pure market economy
traditional economy
pure command economy
mixed economy
2
The Soviet Union operated a command economy. How did the USSR answer the three basic economic questions?
Producers decide what, how, and for whom based on cultural traditions
Citizens decide the economic questions based on supply & demand & gov rules
The government decides what, how, and for whom to produce
Citizens decide what, how, and for whom based on supply & demand
3
What is a characteristic of pure market economies?
Production decisions are based on cultural traditions.
The government controls major industries.
Production decisions are based on supply and demand.
The government discourages entrepreneurship.
4
_ is fundamental to economics because it forces people to decide how to best use limited resources to meet their needs.
Market
Scarcity
Command
Bartering
5
Which question is NOT one of the three basic economic questions?
What to produce
Why to produce
For whom to produce
How to produce
6
In which type of economic system does the government have the MOST control of the economy?
pure market economy
mixed economy
pure command economy
traditional economy
7
Which would most likely be a characteristic of a nation with a traditional economy?
a large and highly skilled workforce
a location near major economic powers
an abundance of valuable natural resources
a lack of industrial development
8
Which type of economic system is MOST associated with autocratic governments?
traditional economy
pure market economy
mixed economy
pure command economy
9
In which type of economy does bartering play the LARGEST role?
a pure market economy
a pure command economy
a traditional economy
a mixed economy
10
What do countries with market economies base their answers to economic questions on?
what the government wants to produce
what previous generations produced
what consumers demand
what skills workers have
11
Who is in control within a Traditional Economy?
Cultural Traditions
The Government
Private Citizens
Supply & Demand
12
What is a characteristic of pure command economies?
The government controls major industries.
Production decisions are based on supply and demand.
The government encourages entrepreneurship.
Production decisions are based on cultural traditions.
13
What do countries with traditional economies base their answers to economic questions on?
what skills workers have
what the government wants to produce
what consumers demand
what previous generations produced
14
The UK has a mixed, market-leaning economy. How does the UK answer the three basic economic questions?
Citizens decide what, how, and for whom based on supply & demand
The government decides what, how, and for whom to produce
Producers decide what, how, and for whom based on cultural traditions
Citizens decide the economic questions based on supply & demand & gov rules
15
What do countries with command economies base their answers to economic questions on?
what previous generations produced
what the government wants to produce
what skills workers have
what consumers demand

Unit 4 Economic Systems SS6E7.A Flashcards | StudBud