Canada's Economy Quizizz

What are the three questions every country must answer when developing its economic plan?

• What goods/services will be produced? How will goods/services be produced? Who will consume the goods/services?

• What is the population? How much money is needed? Who will pay taxes?

• What are the natural resources? How will they be distributed? Who will manage them?

• What is the climate? How will it affect agriculture? Who will benefit from it?

What determines the kind of economic system a country will have?

• The way a country answers the three economic questions

• The country's population size

• The country's geographical location

• The country's political system

In a traditional economy, what are economic decisions based on?

• Government policies

• Customs, traditions, and beliefs of the past

• Market demand

• Technological advancements

What is bartering?

• Trading using money

• Trading without using money

• Trading with digital currency

• Trading with credit cards

Which group is an example of a traditional economy?

• The Inuit of northern Canada

• The citizens of New York City

• The farmers in California

• The merchants in Tokyo

What activity are the Arctic Inuit people engaged in, as shown in the image?

• Fishing

• Hunting

• Building an igloo

• Gathering plants

Who makes all economic decisions in a command economy?

• The Government

• Private Companies

• Individual Citizens

• International Organizations

What does the government control in a command economy?

• Only the prices of goods

• Most of the property, prices, wages, and production plans

• Only the wages of workers

• Only the production plans

Why are more countries abandoning the command economic system?

• It is too expensive to maintain

• It has not been very successful

• It requires too many resources

• It is too complex to understand

Why are there no pure command countries in the world today?

• They are too expensive to maintain.

• They are very harsh to live under.

• They are too democratic.

• They are too small in size.