Unit 2: Economic Systems, Business Organizations, Mkt Structures

Which of the following is an example of a traditional economy?

• Chinese Communist Party

• Inuit Peoples of Alaska

• Florida Fishing Charters

• North Korea

What is an advantage of being in a traditional economy?

• Traditional economies can shift focus easily

• There is little guesswork or uncertainty in a traditional economy

• Public Programs (education and healthcare) are provided for citizens

• If things go right it can be incredibly lucrative

An economy that is controlled by an authoritarian government/dictator are known to be what types of economy?

• Command Economy

• Market Economy

• Traditional Economy

• Generational Economy

Which of these examples would be considered to be a command economy?

• South Korea

• United States of America

• Cuba

• New Zealand

Which of the following is an example of an advantage to a command economy?

• Command economies can shift focus quickley

• Command economies provide lucrative opportunities for its citizens

• Command Economies provide citizens with plenty of options for employment

• Command economies traditionally protect citizens individual rights

What is a disadvantage of a command economy?

• citizens have very little freedom of choice

• citizens never receive healthcare or public services in a command economy

• citizens have the possibility of failing at entreprenuership ventures

• citizens have to learn the trades of their elders

An economy in which people control the factors of production are referred to as a _____________ economy.

• Traditional

• Generational

• Market

• Command

What type of economy is considered to be risky due to the amount of decision making it allows private citizens?

• Command

• Market

• Mixed

• Traditional

The ability to choose where you work, what hours you work, etc... are examples of what key concept?

• individual freedom

• economic freedom

• profit motive

• voluntary exchange

A word used to describe an economy in which private citizens and firms control control what is made, how it is made, and how much of it is made is typically described as _____________.

• socialism

• communism

• isolationism

• Capitalism