Economic Systems 9/4/24

Multiple Choice

Which of the following best describes a command economy?

• An economy where the government makes all economic decisions.

• An economy where businesses and consumers make all economic decisions.

• An economy that combines elements of both government control and free market.

• An economy where only consumers make decisions.

Open Ended

Why is it important to understand different types of economic systems such as command, mixed market, and market economies?

Fill in the Blanks

Fill in the blank: Trading goods without using money is called

.

Multiple Choice

Which economic system is based on customs, traditions, and beliefs of the past, and often involves bartering?

• Traditional

• Command

• Market

• Mixed

Multiple Select

Which of the following statements about command economies is/are correct?

• All economic decisions are made by the government.

• There are many pure command countries today.

• The government owns most property and sets prices.

• Command economies are often associated with communist governments.

Open Ended

What are some key differences between command and market economic systems based on government involvement?

Multiple Choice

Most democratic countries have economic systems that are best described as:

• Traditional

• Command

• Mixed

• Market

Open Ended

Why are there no pure market or pure command economies in the world today?

Fill in the Blanks

Israel's economy is considered ___% free and ___% command.

Multiple Choice

Which statement best describes Israel's economic system?

• It is a purely free market economy.

• It is a mixed economic system with both private and government involvement.

• It is a command economy controlled entirely by the government.

• It is a traditional economy based on customs.

Open Ended

Explain how the government and private businesses both play a role in Israel's economy.

Multiple Select

Which of the following industries are important to Israel's economy?

• Mining

• Agriculture

• Manufacturing tech equipment

• Fishing

Multiple Choice

Which of the following cities is a major tourist destination in Israel?

• Cairo

• Tel Aviv

• Amman

• Beirut

Multiple Choice

According to the slide, who primarily decides what, how, and for whom to produce in Israel?

• Individuals and corporations with some government regulation

• Only the government

• Only private individuals with no regulation

• Foreign investors

Fill in the Blanks

How has building up national security and maintaining armed forces affected Israel's economy?

Multiple Choice

What are two major challenges Israel has faced since its creation in 1948?

• Conflict with its neighbors and large volumes of immigrants

• Lack of natural resources and drought

• Economic isolation and famine

• Overpopulation and pollution

Fill in the Blanks

In 1932, Saudi Arabia's economy was mostly based on trading

, goats, and textiles.

Multiple Choice

What major discovery transformed Saudi Arabia's economy from traditional trading to a command economy?

• Oil

• Gold

• Diamonds

• Natural gas

Multiple Choice

What percentage of Saudi Arabia's economy is considered 'free' in its mixed economy?

• 64%

• 36%

• 50%

• 75%

Multiple Choice

Which sectors are private businesses in Saudi Arabia being encouraged to take a greater role in?

• Education, healthcare, and tourism

• Oil and natural gas

• Manufacturing and agriculture

• Banking and finance

Open Ended

How has the Saudi government encouraged the diversification of its economy in recent years?

Fill in the Blanks

Saudi Aramco is the state-run company that owns, operates, and develops all of the oil and natural gas

in the country.

Open Ended

Explain how government involvement affects private companies' decisions about production and prices in Saudi Arabia.

Multiple Select

Which of the following are challenges currently faced by Saudi Arabia's economy?

• Oil supplies don’t last forever

• Unemployment rate is high

• Shortage of skilled native labor

• Abundance of water resources

Open Ended

After learning about economic systems, what questions do you still have or what would you like to know more about regarding economies?

Multiple Choice

What is the difference between a command economy and a market economy as shown on the continuum?

• A command economy is controlled by the government, while a market economy is controlled by businesses and consumers.

• A command economy has no government involvement, while a market economy is fully controlled by the government.

• A command economy and a market economy are the same.

• A command economy is based on tradition, while a market economy is based on agriculture.