Economic Systems

Things you can do to pass your next quiz include all the following except

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

Factors of production include all the following except

Example of a command economy that has become more mixed

Hong Kong is an example of a _________________ economy.

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

The cost of the next best alternative

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

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

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

Things I can turn in for extra credit

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

A capitalist economy is considered a...

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

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

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

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

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

Discourages new ideas is a disadvantage of a ___________________ economy

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

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

Faster growth than command economy is a...

The Inuit Tribe of Northern Canada

Which is NOT a characteristic of a traditional economy.

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

Cuba is an example of a ____________________ economy.

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

United States is an example of a ____________________ economy.

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

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

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

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

North Korea is an example of a _____________________ economy.

Individual freedom for everyone is an advantage of a ____________________

Unlimited wants, limited resources