How has the economy of this different country changed? (again, more info on the next slide)

from a command economy to a mixed economy

In determining what to make, how do market economies typically respond to high consumer demand?

Private companies increase production of the product.

What is one way a country could change from a command economy to a market economy?

if industries change from gov't owned to privately owned

How has the economic system of this country changed? (more info on the next slide)

from a traditional economy to a market economy

In our market economy groups, bracelets could have sold for $1-3. In a real market economy...

prices are set by producers and consumers

In class, our market economies groups were paid per bracelet. In a real market economy...

wages are determined by demand for that job, wages are determined by the supply of workers for that job, people are paid by how much they produce

In our command economies, 6 bracelets were need to get paid. In real command economies...

People are paid equally if they met their quota

In our command groups, all bracelets sold for the same price. In a real command economy...

there are few choices for goods

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Economic Systems-OGT Seminar

8 termsStudBud Administration84 plays

created spring 2015

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Questions 8

Answers

1
How has the economy of this different country changed? (again, more info on the next slide)
from a mixed economy to a market economy
from a traditional economy to a command economy
from a command economy to a mixed economy
from a market economy to a traditional economy
2
In determining what to make, how do market economies typically respond to high consumer demand?
Private companies and gov't work together to reduce demand.
The government sets quotas until the demand is met.
The government regulates the price of the product.
Private companies increase production of the product.
3
What is one way a country could change from a command economy to a market economy?
if farm & factory workers are required to join labor unions
if privately owned banks become subject to strict regulation
if industries change from gov't owned to privately owned
if the government takes control of family-owned farms
4
How has the economic system of this country changed? (more info on the next slide)
from a command economy to a mixed economy
from a market economy to a traditional economy
from a mixed economy to a command economy
from a traditional economy to a market economy
5
In our market economy groups, bracelets could have sold for $1-3. In a real market economy...
Prices are set by the federal / national government
prices are set by local government
prices are set by the state government
prices are set by producers and consumers
6
In class, our market economies groups were paid per bracelet. In a real market economy...
people are paid equal wages
wages are determined by demand for that job
wages are determined by the supply of workers for that job
people are paid by how much they produce
7
In our command economies, 6 bracelets were need to get paid. In real command economies...
People are paid based on their need
People are paid equally if they met their quota
People are paid based on ability
people are paid based on tradition
8
In our command groups, all bracelets sold for the same price. In a real command economy...
There is a variety of goods
there is incentive to innovate your products
there are few choices for goods
there is often a surplus of goods

Economic Systems-OGT Seminar Flashcards | StudBud