Economic System

Front

What is one benefit of a mixed economy over a pure market economy?

Back

In a mixed economy, government regulations can reduce the negative effects of business activities such as pollution.

Front

Which situation is likely to occur in a pure command economy?

Back

The government owns all businesses.

Front

In some small communities, people do not produce a surplus of goods to sell. They harvest enough food to sustain themselves and their families. They use excess to barter for things they cannot produce on their own. The economy described in the text is MOST LIKELY which of the following?

Back

a traditional economy

Front

Since the 1980s, Turkey has been moving from a government-directed economy toward more private ownership. Turkey is moving toward a _____________ economic system.

Back

mixed

Front

In what way do mixed economies reflect elements of both market and command economies?

Back

Both the public and private sectors play important roles in directing economic activity.

Front

Which people MOST LIKELY live in a country with a traditional economy? Select all that apply: Jeremy only grows enough food on his farm to feed himself and his family. Fareed works as a fisherman just like his father and grandfather before him. Sasha determines the types of clothing she sells based on consumer demand. Hakim opens a coffee shop in his hometown and is able to quickly earn a profit. Amira is placed in a job with a government-run oil and natural gas company.

Back

Jeremy only grows enough food on his farm to feed himself and his family. Fareed works as a fisherman just like his father and grandfather before him.

Front

What does it cost to produce a pair of Jordan shoes in China?

Back

$16

Front

Generally, "mixed economy" means an economy that

Back

has both command and market elements.

Front

What is the biggest factor or factors affecting the answers to these questions in a traditional economy?

Back

custom and habit

Front

What is the biggest factor or factors affecting the answers to these questions in a market economy? Options: popular votes, custom and habit, government planning, supply and demand

Back

supply and demand