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

• Why, How, What

• Which, How, Whose

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

• Abundance of resources

• Scarcity and mutual dependence

• Government regulations

• Technological advancements

What does scarcity mean in the context of economics?

• Unlimited resources for limited wants

• Limited resources for unlimited wants

• Equal distribution of resources

• Unlimited resources for unlimited wants

Which economic system relies on cultural customs and ancestral traditions?

• Mixed

• Centrally Planned

• Market

• Traditional

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

• Traditional

• Centrally Planned

• Mixed

• Market

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

• Centrally Planned

• Traditional

• Mixed

• Market

What is the main characteristic of a Market Economic System?

• Private enterprise and little government regulation

• Government-regulated production

• Equal distribution of resources

• Government-controlled prices

Which country is considered to operate under a form of the Market Economic System called Capitalism?

• Cuba

• United States

• China

• Sweden

Which economic system is a blend of capitalism and socialism?

• Centrally Planned

• Market

• Mixed

• Traditional

What is the main reason for the existence of scarcity in the world?

• Lack of resources

• Overpopulation

• Limited resources and competing wants

• Unequal distribution of resources