What are examples of countries with Market economy?

Does not exist in formal society

What is the government's role in a Mixed economy?

Take care of people's needs (Roads, schools, military, etc.)

Individuals are willing to consume more of a product, An individual's need or desire for good or service

How are resources allocated in a Traditional economy?

Resources are divided out by what the past elders have done.

How individuals & societies seek to satisfy needs and wants

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7th 2.01-2.02

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Questions 15

Answers

1
_____ are people's knowledge, efforts, and skills used in their work.
Human Resources
Capital Resources
Natural Resources
Entrepreneurial Resources
2
What are examples of countries with Market economy?
United States, England, Australia
Amish, Pygmies of Congo, Belarus, Eskimos
China, Cuba, Sweden, and France
Does not exist in formal society
3
What is the government's role in a Mixed economy?
Take care of people's needs (Roads, schools, military, etc.)
No official Govt. role families or ethnic traditions are law
They make all the decisions
No Government role- Run by an invisible hand.
4
What is demand?
Individuals are willing to consume more of a product
An individual's need or desire for good or service
Supplies produced by the businesses in hopes of making money
What the business is willing to sell the service/product for
5
____ is recognizing the need for new goods or service
Capital Resources
Entrepreneurial Resources
Natural Resources
Human Resources
6
What is Scarcity
Shortage of Resources
Expenses less profit
More supply than demand
7
How are resources allocated in a Traditional economy?
The govt. dictates which resources will be used when & where
Resources are given to the one who pays the given price set.
Resources are divided out by what the past elders have done.
Govt. decides some and the market determines the others
8
What motivates a Command economy?
People want to do what past generations have done.
Supply and Demand in the market
The marketplace- the buyers and sellers
The government
9
What is the level of competition in Traditional economy?
Very High
Very Low
High
Low
10
What is Economics?
How individuals & societies seek to satisfy needs and wants
Rationing
Study of people interaction
Activities associated with the governance of a country
11
What are disadvantages for a Mixed Economy?
Technology is not used; difficult to imporve
Citizens have to pay taxes
Huge rift between rich and poor; Truely does not exist
No incentive to produce better product; minimal choices
12
Who makes economic decisions in a Market Economy?
Business and Consumers
Centralized Government
Customs govern decisions
Both the market and government
13
The government determines what, how, and for whom goods and services are produced.
Traditional Economy
Market Economy
Command Economy
Mixed Economy
14
____ are used to produce goods and services (buildings, materials, and equipment)
Human Resources
Entrepreneurial Resources
Capital Resources
Natural Resources
15
_____ are raw materials found in nature that are used to produce goods.
Capital Resources
Entrepreneurial Resources
Human Resources
Natural Resources

7th 2.01-2.02 Flashcards | StudBud