Command and Demand Economy / Socialism

A large part of a command economic system is controlled by:

• a centralized power; federal government

• No one. It's an economy based off of individual freedom

Define the word

“ Command Economy “

• It is the fifth-largest national economy in the world measured by nominal gross domestic product, ninth-largest by purchasing power parity.

• a system where the government, rather than the free market, determines what goods should be produced.

• job opportunities by promoting conditions that enable economic growth and stability at home and abroad, strengthen national security.

• combating threats and protecting the integrity of the financial system, and manage the U.S. Government's finances and resources.

In a market economy, who decides on the prices of goods and services?

• government
• buyers and sellers
• firms
• local leaders

Command economies are usually dominated by:

• Free enterprise

• Traditions, customs, and beliefs

• State-owned enterprise

• All of the above

What are the traits of a market economy?

• Has elements of two economic types
• Private ownership, free trade, competition, most used
• Government makes all economic decisions, communist countries
• Make own goods, grow own food, barter, least used

What are the traits of a command economy?

• Make own goods, grow own food, barter, least used
• Has elements of two economic types
• Private ownership, free trade, competition, most used
• Government makes all economic decisions, communist countries

Nike, Google and Apple are examples of.....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

Most countries in the world, including the US, use what economic system?

• Traditional

• Command

• Market

• Mixed

What type of economy does Canada Have?

• Market
• Command
• Traditional
• Mixed

Which is NOT a characteristic of Capitalism?

• Market Economy
• Supply and Demand
• Freedom of Competition
• Classless Society