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

innovation and competition in the marketplace are encouraged

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

Supply/demand drive economic decisions in a free enterprise.

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

Competition provides consumers choices in a market economy.

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 a characteristic of a command economy?

Government determines the standard of living

What is an advantage of the market economy?

Businesses determine what to produce based on demand.

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

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