Review - SS.7.CG.3.15 - Economic Systems

Which of there represents a primary difference between a market economy and a command economy?

• Both have minimal government regulation, but command economies promote competition to meet demands of the consumers.

• Both have minimal government regulation, but command economies promote competition to meet demands of the consumers.

• 
  Market economies are largely regulated by government, and there is little private ownership, while command economies do not have such regulation and allow for more private ownership.

• Command economies are largely regulated by government, and there is little private ownership of property, while market economies have far fewer regulations and allow for more private property ownership.

Communism is an example of the interdependence between which two subject areas?

• economics and psychology

• 
  sociology and human geography

• political science and economics

• 
  political science and anthropology

Choose the countries that produce goods and services based on a market-oriented economic system. CHOOSE TWO

• Cuba

• China

• India

• Japan

• North Korea

What is another name for the free enterprise system?

• Capitalism

• Communism

• Marxism

• Socialism

Which statement would BEST explain the differences in technology between South and North Korea?

• North Korea is still recovering from recent political unrest.

• South Korea's market economy allows for greater technological achievement.

• North Korea keeps all of its wealth and technology hidden from the rest of the world.

• South Korea's victory in the Korean War devastated the North's attempts to modernize.

In economics, the term _____ means that there are two or more sellers of a good or service who want to get a share of a market.

Which of these words fits BEST in the blank?

• capitalism

• competition

• demand

• scarcity

1. Which economic system is based on the free exchange between buyers and sellers?

• 
  mixed system

• market system

• command system

• 
  traditional system

In terms of the free enterprise system, what is the ability for anyone to compete in the marketplace?

• 
  profit motive

• open opportunity

• 
  voluntary exchange

• 
  private property rights

Determine which economic system matches the following:

• *Consumers have economic power *Based on supply and demand

• *Producers have economic power *People have private property

Does this describe FREE MARKET or NOT FREE MARKET

(a)  

Does the following determine a FREE MARKET?

*The government decides what to make

*People are told what jobs they can have

*People buy what they are allowed to buy.

YES or NO

(a)