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

Competition provides consumers choices in a market economy.

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

Supply/demand drive economic decisions in a free enterprise.

What is an advantage of the market economy?

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

What is a characteristic of a command economy?

Government determines the standard of living

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6th Grade CTE Economics (Supply and Demand)

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6th Grade CTE BU20 Economies/Supply and Demand

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Questions 16

Answers

1
Where goods and services are bought and sold:
School
Marketplace
Happy place
Canton Middle School
2
What is a difference between a market economy and a command economy?
Competition provides consumers choices in a market economy.
The government selects what is produced in a market economy.
Supply and demand determine prices in a command economy.
The government ensures competition in a command economy.
3
What is a difference between a traditional economy and market economy?
Traditional free enterprise system decisions are made.
Competition determines decisions in a traditional economy.
The free enterprise system focuses on family.
Supply/demand drive economic decisions in a free enterprise.
4
When there is an over supply of a product the price of the product will go ___________.
down
up
5
What is an advantage of the market economy?
Businesses determine what to produce based on demand.
There is no government regulation of any businesses.
Government tells business what to produce based on supply.
Consumers only purchase what the government allows.
6
What are supply and demand graphs used for?
predict product performance
coloring
following economies
forecasting the weather
7
How much of a good or service a producer is willing and able to produce.
Demand
Happy town
Supply
Marketplace
8
What is a DISADVANTAGE of a traditional economy compared to other types of economic systems?
Competition guides production decisions.
Decisions are centered toward the family.
State-of-the-art technology is not used.
Government takes care of people's needs.
9
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.
there is an equal standard of living for everyone.
innovation and competition in the marketplace are encouraged
10
What is a characteristic of a command economy?
Decisions are based on customs and traditional thinking.
Consumers make the decisions about what is produced.
Government determines the standard of living
Business owners make their own economic decisions.
11
When the supply and demand curve meet, it is called the _______________ price and quantity.
happy place
marketplace
equilibrium
inzone
12
Sellers enter the marketplace because they are interested in making a ___________.
piggy bank
loss
profit
blanket for aunt Martha
13
Sonic began offering salads, Hardees also started to sell salads. This is an example of:
freedom of enterprise and choice.
self-interest and profit motive.
competition
private property ownership.
14
The drive to make a profit in the marketplace is called _________________.
profit motive
money
commitment
hope
15
When demand is low the price of a product will go _____________.
down
up
16
An individual's need or desire for a good or service at a given price.
Supply
Marketplace
Demand
happy place

6th Grade CTE Economics (Supply and Demand) Flashcards | StudBud