SS6E7 Study Guide Unit 4

Describe a command economy. How are the questions of what is produced, how it is produced and for whom it is produced answered?

• an economy that has a blend of both market and command economies

• the economic questions are answered by what was done in the past (traditions and customs).

• it is driven by producers and consumers. The producers and consumers answer the economic questions

• the government answers the questions of what, how and for whom things are produced.

Describe a market economy. How are the questions of what is produced, how it is produced and for whom it is produced answered?

• an economy that has a blend of both market and command economies

• the economic questions are answered by what was done in the past (traditions and customs).

• it is driven by producers and consumers. The producers and consumers answer the economic questions

• the government answers the questions of what, how and for whom things are produced.

Describe a traditional economy. How are the questions of what is produced, how it is produced and for whom it is produced answered?

• an economy that has a blend of both market and command economies

• the economic questions are answered by what was done in the past (traditions and customs).

• it is driven by producers and consumers. The producers and consumers answer the economic questions

• the government answers the questions of what, how and for whom things are produced.

Describe a mixed economy.

• an economy that has a blend of both market and command economies

• the economic questions are answered by what was done in the past (traditions and customs).

• it is driven by producers and consumers. The producers and consumers answer the economic questions

• the government answers the questions of what, how and for whom things are produced.

What is bartering?

• Trading the currency of 2 countries

• Trading goods or services without money

• Trading that stops between countries

• Trading that slows due to currency exchange

Which economy uses bartering the most?

• Mixed

• Market

• Command

• Traditional

On an economic continuum, which country is closest to market?

• Cuba

• UK

• Russia

• Germany

On an economic continuum, which country is closest to command?

• Hong Kong

• UK

• Russia

• Germany

Which type of economy shows sustained growth?

• Regular

• Command

• Market

• Traditional

Which type of economy encourages entrepreneurship?

• Traditional

• Command

• Market