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economies!

economies!

Assessment

Presentation

Social Studies

6th Grade

Practice Problem

Medium

Created by

Summer Sanders

Used 38+ times

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5 Slides • 4 Questions

1

economies!

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2

Market Economy

  • People have control

  • What to produce, how to produce, and for whom to produce is decided by Supply and Demand

  • What people want, factories will produce

  • Depending on how many people want something, the product can be expensive or cheap

3

Multiple Choice

How do market economies answer the three basic economic questions?

1

The government will decide

2

The past will guide producers

3

Supply and demand will guide producers and all decisions

4

Supply and demand will guide producers, but the government will intervene

4

Command Economy

  • The government controls everything

  • What to produce, how to produce, and for whom to produce is decided by the government

5

Multiple Choice

How do command economies answer the three basic economic questions?

1

The government will make all decisions.

2

The past will guide all decisions.

3

Supply and demand will guide all decisions.

4

The government will intervene to ensure fairness and productivity.

6

Mixed Economy

  • A mix of command and market

  • Somewhere in between command economy and market economy on the economic continuum

  • What to produce, how to produce, and for whom to produce are decided by Supply and Demand

7

Multiple Choice

How do mixed economies answer the three basic economic questions?

1

The government will make all decisions.

2

The past will guide all decisions.

3

Supply and demand will guide all decisions.

4

Supply and demand will guide producers, but the government will intervene to ensure fairness and productivity.

8

Market Economy

  • Workers have different incentives

  • Example: if they work hard and save money, they can own land, go on vacations, buy a house, etc.

9

Multiple Choice

What gives people an incentive to work and save in a market economy?

1

the desire for immediate satisfaction

2

the ability to own private property

3

the law of supply and demand

4

the government’s regulations

economies!

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