Game 2- Fundamentals

Front

Identify the type of economy featured in the United States: Command Economy, Market Economy, Mixed Economy, Traditional Economy

Back

Mixed Economy

Front

The factors of production are owned by _________ in a command economy.

Back

The Government

Front

Which type of economy is run by the businesses & consumers?

Back

Market

Front

Which type of economy is run by a combination of the businesses & the government?

Back

Mixed

Front

What is one basic question of economics?

Back

What will be produced?

Front

Which economic principle is being described: The ability of the consumer to determine what goods and services are produced

Back

Consumer Sovereignty

Front

In a _____________________ economy, there is little opportunity for individuals to pursue profits.

Back

Command

Front

In a ______________________ economy, there is a high level of competition between businesses.

Back

Market

Front

In a command economy, the redistribution of wealth is one way that this economic system tries to pursue which goal?

Back

Economic Equity

Front

Due to no competition, command economies use of factor of production is

Back

Inefficient