SS6E7 Review Flashcard

Front

I am economy based on traditions and customs. I also have a strong sense of community where everybody pitches in.

Back

Traditional

Front

I am total control over the economy. I make all the decisions and will TELL you what to produce, how to produce, and for whom to produce.

Back

Command

Front

We have ZERO government involvement. We can produce what we want and sell what we want to whomever we want without the government becoming involved.

Back

Market

Front

I am so mixed up! My economy has quite a bit of freedom to produce and sell what we want. However, there is some government control in what we do.

Back

Mixed

Front

Producers of goods and services can raise and lower prices as they want because there is NO government involvement. What type of economy is this?

Back

Market

Front

There is NO technology used in this economic system. Hunting, fishing and farming are examples of economic activities in this system.

Back

Traditional

Front

Germany, United Kingdom and Russia all share the SAME type of economic system.

Back

Mixed

Front

All resources and properties are owned and controlled by the government. They make all the economic decisions. Consumers and producers have little choice.

Back

Command

Front

The FOUR economic systems are: Traditional, Market, Mixed, Command

Back

True

Front

All economic systems answer the following questions:
1. What to produce
2. How to produce
3. For whom to produce

Back

True