Economic Systems and Goals

Jane wants to be a scientists, but her family have always been farmers, so she becomes a farmer

• Traditional

• Captialism

• Socialism

• Communism

Most modern economies today are ______ economies.

• market

• traditional

• command

• mixed

Economic equity is the ________ with which an economy distributes its resources and wealth.

• traditions

• fairness

• unfairness

• all of these

Economies try to answer these fundamental economic questions:

• What goods and services are to be produced?

• How are goods and services to be produced?

• For whom are goods and services to be produced?

• all of these

In a ___________ economy, decisions about production and consumption are made by the government.

• market

• mixed

• command

• free enterprise system

_____________ equity involves the fair and just distribution of society's wealth?

• Economic

• Educational

• Scholastic

• Societal

A _________ economy is an economic system in which economic decisions are left up to individual producers and consumers.

• Mixed

• Command

• Traditional

• Market

An economic system in which both the government and individuals play important roles in production and consumption is a ____________ economy.

• mixed

• market

• command

• traditional

Economic _____________ is the ability to make our own economic decisions without interference from the government.

• freedom

• constraint

• opportunites

• dead end

The highest goals of a market economy are economic freedom and ___________.

• efficiency

• inefficiency

• instability

• all of these