Civics Economic Systems

What are the rights and responsibilities of citizens in a democratic society?

• Economics

• Geography

• Civics

How do interest groups and political parties participate in the political process?

• Economics

• Geography

• Civics

Match the description on the left to the appropriate economic system on the right.

• Traditional Economy

• The government makes

  decisions for the country.

  There is a lack of consumer choice.

  There is no competition.

  There is central ownership of property and resources.

• Command Economy

• Least demand for resources.

  People do the same kind of work as their parents and grandparents.

  Economy based on customs

  regardless of a person's ability or

  potential.

• Free Market Economy

• Private ownership of resources

  and property.

  Competition between producers.

  Consumer sovereignty.

  Profit motivated.

• Mixed Economy

• Most common economy in the

  world today.

  Includes private

  sector and government control.

  Individuals and businesses operate as owners for the private sector.

The greater the amount of decision making that is left to a centralized authority (like the ______) the closer the system is to a command system.

• stock market

• voters

• investors

• government

Match the economic systems to its characteristics or meaning.

• Centrally owned by the government

• Free Market

• Customs, family, and historical basis

• Mixed economy

• Private sector, profit, and minimal gov.

• Command economy

• Public and private sectors

• Traditional economy

What type of economic system is based on customs, beliefs, and history, with economic decisions based on how they were made in the past?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

"I might not be able to own my own business, but I don't have to worry about unemployment because the government always makes sure I have a job -- even though that job might not be my first choice." -- Jakob, age 25 In what kind of economy does Jakob most likely live?

• Traditional Economy

• Free Market Economy

• Command Economy

• Mixed Economy

People often perform the same type of work as their parents and grandparents, regardless of ability or potential in which economy?

• Command

• Free Market

• Mixed

• Traditional

The greater the amount of decision making that is left to the __________, the closer the system is to a free market economy.

• individual

• investors

• voters

• government

What is the MAIN IDEA of this chart?

• Market Governments

• Major Economic Systems

• Branches of the Economy

• How Government is Involved in the Economy