Economics

Economic Characteristics:

The means of production are privately owned and operated for a private profit.
The emphasis is on individual profit rather than on workers or society as a whole.
Which economic system does the above summary describe?

• command economy
• mixed economy
• traditional economy
• market economy

Communist countries have what type of economic system?

• Market
• Mixed
• Command
• Traditional

What type of economic system allows government and private businesses to make economic decisions?

• Market
• Mixed
• Traditional
• command

What type of economic system allows private businesses to decide what to produce, how to produce and for whom to produce?

• Market
• Mixed
• Command
• Traditional

 A system that uses bartering or trading.

• Mixed
• Market
• Traditional
• command

Government controls all aspects of economy
Example: The government owns most of the property, sets the prices of goods, determines the wages of workers, plans what will be made…everything 

• command
• market
• traditional 

Economy based on what their parents have always done and what their parents have always done.

• command
• market
• traditional 

What are the three basic economic systems?

• Command, Traditional, Market
• Autocracy, Democracy, Holland
• UK, Euro, Dollar

What controls the prices in a market economy?

• supply and demand
• marketplace
• government control
• raw materials

Which of the following can be categorized as a want?

• Food
• Water
• Shelter
• Car

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4