Social Studies 1

Identify each feature as a market element (ME) or command element (CE)

The national government owns some of the country's key natural resources

• ME

• CE

What is the definition command economy

• The system answers economic questions based on traditional costoms and values passed down from generation to generation .

• This system answers economic questions trough strict governmental control and regulations

• This system answers economic questions based on supply and demand in the market. What the people want to buy and sell determined what goods and services are produced.

What is the definition of market economy

• This system answers economic questions trough strict governmental control and regulations

• This system answers economic questions based on supply and demand in the market. What the people want to buy and sell determined what goods and services are produced.

• The system answers economic questions based on traditional costoms and values passed down from generation to generation .

What is the definition of traditional economy

• The system answers economic questions based on traditional costoms and values passed down from generation to generation .

• This system answers economic questions based on supply and demand in the market. What the people want to buy and sell determined what goods and services are produced.

• This system answers economic questions trough strict governmental control and regulations

What are the three economic questions?

• What to produce, How to produce, For whom to produce

• Traditional ,market, command

Low texes allow individuals and businesses to have greater economic freedom.

• ME

• CE

Individual and business are required to pay high taxes to the government.

• ME

• CE

Private individual and companies own their countrie's land and factories

• ME

• CE