Economic Systems

What are goods?

• Goods is the same as money

• Goods are the tangible things that people buy

• Goods are the jobs people provide

• None is correct.

Select an example of goods

• 
• 
• 
• All are correct

What are services?

• Services re tangible things that people buy.

• Services are jobs that people perform.

• None is correct

• Both are correct

Select an example of services

• 
• 
• 
• All are correct

What is an economic system?

• The method used by a society to produce and distribute goods and services.

• It is an ideology that the government should control its people and their assets.

• it is the method by which pilgrims traded with the Natives in 1,600s.

• None is correct

Give examples of the economic systems

• Traditional

  Command

  Free Market

  Mixed

• Free Market

  Traditional

  Command

• Free Market and Command

• None is correct

Economic questions are answered by habits and customs. Children work the same jobs parents worked. Fear Change! This is an example of...

• Mixed Economy

• Free Market Economy

• Command Economy

• Traditional Economy

The type of economy where the government answers basic economic questions is

• Traditional

• Mixed

• Command

• Free Market

What are the advantages of the Command Economy?

• Inefficient, no incentive to work hard or be creative

• able to act quickly in emergencies, provide for all people equally

• There are no advantages to this type of economy

• None is correct

Which country still uses Command Economy as their economic system?

• China

• Vietnam

• North Korea

• All of the above