Economic Systems

The cost of the next best alternative

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

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

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

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

Cuba is an example of a ____________________ economy.

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

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

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

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

Unlimited wants, limited resources

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

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

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

Faster growth than command economy is a...

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

United States is an example of a ____________________ economy.

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

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

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

Factors of production include all the following except

North Korea is an example of a _____________________ economy.

A capitalist economy is considered a...

Hong Kong is an example of a _________________ economy.

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

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Discourages new ideas is a disadvantage of a ___________________ economy

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

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

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

Individual freedom for everyone is an advantage of a ____________________

Which is NOT a characteristic of a traditional economy.

Example of a command economy that has become more mixed

The Inuit Tribe of Northern Canada