Chapter 2: Economic Systems

In this market, businesses buy resources they need to produce goods and services.

• Resource market
• stores
• product market
•  businesses

In the circular flow model, the product market describes _____.

• stores that sell goods and services to households

• the government paying for public goods

• households selling their labor to businesses

• households receive income from businesses

What do businesses provide for consumers according to the circular flow model?

• goods and services
• only goods
• only services
• taxes

This economic system has a high degree of uncertainty

• Traditional
• Market
• Command
• Mixed

This economic system often experiences a lower standard of living.

• Traditional
• Market
• Command
• Mixed

Profit does not have great importance in deciding what to produce in this economic system

• Mixed

• Market

• Command

• Mixed

Capitalism flourishes here in this economic system.

• Traditional
• Market
• Command
• Mixed

People cast “dollar votes” in this economic system.

• Traditional
• Market
• Command
• Mixed

This economic system discourages new ways of doing things

• Traditional
• Market
• Command
• Mixed

In this type of economy, the government places control on businesses, but the individual decides what to make. 

• Mixed
• Market
• Command 
• Traditional