6.6A - Factors of Production/Economic Systems

Front

What is a market economy?

Back

An economy where individuals make economic decisions.

Front

Which of the following would be considered entrepreneurs? The Chinese officials who allowed economic reforms, The families who opened small workshops, The workers in Wenzhou’s factories, The people who purchase the products manufactured in Wenzhou

Back

The families who opened small workshops

Front

Which of the following best describes the characteristics of traditional, market, and command economies? Options: Traditional economies rely on customs and traditions, market economies are driven by supply and demand, and command economies are controlled by the government.

Back

Traditional economies rely on customs and traditions, market economies are driven by supply and demand, and command economies are controlled by the government.

Front

What is the primary driving force behind a market economy?

Back

Supply and demand

Front

In a command economy, who typically makes the key economic decisions?

Back

The government

Front

Which of the following is a characteristic of a traditional economy? High level of technological innovation, Centralized planning by the government, Free market competition, Economic decisions based on customs

Back

Economic decisions based on customs

Front

What role do consumers play in a market economy?

Back

They influence demand through their purchasing choices.

Front

Which of the following is a disadvantage of a command economy? Flexible economic planning, Limited consumer choice, Rapid technological innovation, High levels of competition

Back

Limited consumer choice

Front

How are resources typically allocated in a traditional economy?

Back

According to customs and traditions