Mr. D's Australian Economy Challenge

Which two basic economic systems are the most opposite of one another?

• Command vs. Market

• Market vs. Traditional

• Command vs. Traditional

TRUE/FALSE: In a traditional economy, customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed,

• TRUE

• FALSE

In which economic system are jobs most often handed down from generation to generation?

• Command

• Traditional

• Market

Which economic system did the ingigenous aboriginal people of Australia practice?

• Command

• Traditional

• Market

In a command economy, who has the most control?

• Citizens

• Government

• The Queen

• China

Who owns the businesses, farms, and other sources of economic activity in a command economy?

• Citizens

• Government

• The Queen

• China

What type of economic system does Australia flourish in today?

• Command

• Traditional

• Market

TRUE/FALSE: In a market economy there is significant involvement from the government who owns most major industries and businesses.

• TRUE

• FALSE

TRUE/FALSE: In Australia, people cannot own their own businesses or property.

• TRUE

• FALSE

CHOOSE ALL THAT APPLY: In a market economy, how are prices determined?

• The government makes the prices.

• Buyers and sellers agree on prices.

• Competition between sellers makes the prices good.

• Competition between buyers makes the prices lower.