Economies of SW Asia Quizizz

This economic system is based on supply and demand:

• market

• command

• traditional

• communist

In a traditional economy, how are economic decisions made?

• custom and habit

• government leaders

• consumers and planners

• combination of consumers and producers.

Which would be a problem for a community with a traditional economy?

• People in the village find ways to make products more efficiently.

• The price of advanced electronics, like computers, begins to rise rapidly.

• People in the country begin to want and need products that cannot be made or traded locally.

• Older villagers take on younger workers to learn to make the products they have been producing.

In a command economy, how are economic decisions made?

• custom and habit

• government planners

• consumers and the market

• combination of consumers and planners

Which would be problem in a command economy?

• People would get rich.

• Local crafts would be produced before manufactured goods.

• Individual business people would risk their own money to produce goods.

• A worker trying to start a new business on his or her own would need permission.

In a market economy, how are economic decisions made?

• custom and habit

• government planners

• consumers and the market

• individuals starting new businesses

Who takes on the financial risk in starting a new business in a market economy?

• consumers

• government planners

• individual business people

• combination of planners and investors

What is the most common economic system in the world today?

• command

• market

• mixed

• traditioanal

Why are most modern economies referred to as mixed economies?

• Poverty is always highest in countries with market economies.

• Government planners do not know how to handle economic problems.

• Products made by traditional economies have no markets in the modern world.

• Most countries have aspects of all three economic types at work in their economies.

Why do most economies in the world today operate somewhere in between a market economy and a command economy?

• Government control always makes a market economy profitable.

• Most consumers prefer government control to a free market system.

• Government control of some aspects of the economy has never been successful in the modern world.

• Most economies have found they need a mix of free market and some government control to be successful and protect consumers.