Economies of the USA

What is economics?

• the branch of knowledge concerned with the production, consumption and transfer of wealth

• a branch of the US government

What are the 4 types of economic systems?

• Market, Republic, Command and Traditional

• Command, Mixed, Traditional and Market

• None of the above

What kind of economies allow citizens to own property?

• Market and Command

• Mixed and Market

• no econmomic system

What kind of economy allows the government to decide what should be produced?

• Mixed

• Traditional

• Command

• Market

What kind of economy encourages competition between companies?

• Command

• Market

• Traditional

• All of the above

What kind of economy allows the government to set wages?

• Traditional

• Command

• Market

• None of the above

What kind of economy does the USA have?

• Command, leaning toward Communism

• Traditional, leaning toward command

• Mixed, leaning toward a free market

The basic questions of all economic systems are

• What to produce, how and for whom?

• How will land be used?

• How many laws and rules are needed to control society

• None of the above

What is Social Security?

• A program that provides food for its citizens

• A type of industry that provides jobs to its citizens

• A program that pays monthly benefits to people who are retired, disabled, or unemployed

• None of the above

The reason the economy of the USA is strong is because

• The USA has a lot of natural resources, good infrastructure.

• The USA encourages the entrepreneurial spirit, and has highly skilled workers

• People get to use a Free Market

• All answers are correct