Quiz for Mixed Economy Simulation

A mixed economy is a mixture of _____ and ______.

All economic questions are answered by a combination of businesses and consumers.

What is the price of the goods or services at equilibrium?

What is the quantity supplied and the quantity demanded at equilibrium?

All economic questions are answered by customs and family history.

Economic system used by basically every country in the world.

Economic system in which there is a lot of uncertainty and provides no public services such as education or protection.

All economic questions are answered by the government.

Which economic systems have little to no uncertainty, but also have little to no individual freedom?

A price of $3 would result in a

Economic system in which workers have low unemployment and public services, but also has low motivation & innovation?

Which economic system has completeness? Meaning there is little waste and causes the least damage to the environment.

Which economic system is considered the oldest and mainly uses barter and trade instead of currency?

Which economic systems require a large bureaucracy that may become corrupt as they get bigger?

Economic system in which consumer satisfaction is very high, along with innovation and motivation.

Which economic system suffers from stagnation?

All economic questions are answered by a combination of businesses, consumers and the government.

Economic system that provides the most individual freedom, but can easily fail if certain conditions are not met.

In which economic system does the government own all property?

The economic system that provides varying degrees of; individual economic freedom, innovation and public services.