BM: 3-4 Compare and Contrast Types of Economic Systems

What are the three basic questions that all societies need to answer?

• Who, When, Where

• What, How, For Whom

• Which, How, Whose

• Why, How, What

What is the main reason for the need of an economic system?

• Government regulations

• Scarcity and mutual dependence

• Technological advancements

• Abundance of resources

What does scarcity mean in the context of economics?

• Unlimited resources for unlimited wants

• Unlimited resources for limited wants

• Limited resources for unlimited wants

• Equal distribution of resources

Which economic system relies on cultural customs and bartering for goods and services?

• Centrally Planned

• Traditional

• Market

• Mixed

Which economic system is characterized by government-owned companies and centralized planning?

Which economic system emphasizes economic equality and collective ownership of production?

• Socialism

• Mixed

• Market

• Traditional

Which economic system relies on the law of supply and demand with little government regulation?

Which economic system is a blend of capitalism and socialism?

• Traditional

• Centrally Planned

• Mixed

• Market

Which country is an example of a communist country with a centrally planned economic system?

• United States

• China

• Denmark

• Germany

Which country is considered to have a mixed economic system with a blend of capitalism and socialism?

• United States

• Canada

• Sweden

• Norway