Duplicate of Economic Systems

In the circular flow model what is being exchanged in the factor market?

Economic system in which private citizens own and use the factors of production to make profit.

The Inuit Tribe of Northern Canada

Economic system in which supply, demand, & price help allocate scarce resources

Does not meet the needs of the consumers is a disadvantage of a _______________ economy.

Example of a command economy that has become more mixed

Cuba is an example of a ____________________ economy.

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North Korea is an example of a _____________________ economy.

The cost of the next best alternative

Discourages new ideas is a disadvantage of a ___________________ economy

Higher tax rates to support social benefits is a...

Which is NOT a characteristic of a traditional economy.

Economic system that has a combination of traditional, command, and market economies.

Econ system characterized by a central authority making most of the major economic decisions.

A capitalist economy is considered a...

Workers and businesses face uncertainty b/c of competition & change is a disadvantage of ...

Specific roles for all members in the community is an advantage in which economic system?

version of command economy in which government owns some, but not all, factors of production

Faster growth than command economy is a...

In the circular flow model what is being exchanged in the product market?

Hong Kong is an example of a _________________ economy.

An arrangement where consumers and producers determine price and quantity of products.

Economic system in which the 3 economic questions are answered by rituals, habits, or custom.

Factors of production include all the following except

Individual freedom for everyone is an advantage of a ____________________

Canada, one more free market, is considered more mixed because they have adapted...

United States is an example of a ____________________ economy.

Provides assistance for people who may be left out of the country’s economic progress is an...

Capable of dramatic change in a short period of time is an advantage of a ____________ economy.

Unlimited wants, limited resources

Economic equality, security, and stability are typically the goals of...

Which of the following is not an example of something that could happen if a free market becomes more socialist(command)

Which of the following is not one of the Three Basic Economic Questions?

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