G9: Market Economic System

What type of economy do these people have?

• Traditional

• Market

• Mixed

• Command

What was most likely the type of economy under his regime?

• Traditional

• Command

• Mixed

• Market

Most countries nowadays practice this type of economy.

• Command

• Mixed

• Traditional

• Market

What is not a characteristic of a market economy?

• Buyers and sellers interact to determine the price of products.

• The government helps in fixing the prices of products.

• Sellers compete with each other to attract customers.

• The main aim of sellers is to earn profit and the main aim of the buyers is to buy the cheapest products.

Which of the following is not a part of the private sector?

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Which of the following is not a part of the public sector?

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• 
• 
• 

Which of the following are advantages of a market economy? Select all that apply.

• Consumers have choices.

• Competition keeps sellers from overpricing.

• Producers strive to produce quality products.

• Sellers can make profit.

Which of the following are disadvantages of a market economic system? Select all that apply.

• Competition keeps sellers from overpricing their products.

• Consumers and private sector firms only think of the costs and benefits to themselves.

• One or two firms dominating the market

• Unequal distribution of income

Which of the following is an example of allocative efficiency strategy?

• A farmer efficiently uses organic farming techniques to maximize crop yield.

• A bakery produces 300 loaves of bread each day, but only sells 200.

• A clothing firm finds a cheaper supplier for fabric without compromising quality.

• A factory operates at full capacity without wasting any resources.

What are 2 main characteristics of a dynamic efficiency method?

• development

• cheapest material

• based purely on demand

• research