Economic Systems/PPC/Russia/China

What are capital resources?

• things from nature used to produce goods
• the machines, tools, and buildings used to produce goods
• the people used to produce goods

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

The four types of economic systems are:

• Traditional, Command, Mixed, & Market

• Traditional, Command, Combined, & Market

• Communism, Capitalism, Free Market, and Macroeconomics

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 

• Traditional 
• Command 
• Market
• Mixed

Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.

• Traditional 
• Free Market
• Mixed
• Command

People use the resources they have to make only what they need to survive.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.

• Free Market
• Command
• Traditional

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

• capital

• entrepreneur

• land

• labor

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

• Factor Market

• Product Market