Economic Systems and Goals

Front

Jane wants to be a scientist, but her family have always been farmers, so she becomes a farmer. What type of economy does this scenario represent?

Back

Traditional

Front

Most modern economies today are ______ economies.

Back

mixed

Front

Economic equity is the ________ with which an economy distributes its resources and wealth.

Back

fairness

Front

Economies try to answer these fundamental economic questions: What goods and services are to be produced? How are goods and services to be produced? For whom are goods and services to be produced?

Back

all of these

Front

In a ___________ economy, decisions about production and consumption are made by the government.

Back

command

Front

_____________ equity involves the fair and just distribution of society's wealth?

Back

Economic

Front

A _________ economy is an economic system in which economic decisions are left up to individual producers and consumers.

Back

Market

Front

An economic system in which both the government and individuals play important roles in production and consumption is a ____________ economy.

Back

mixed

Front

Economic _____________ is the ability to make our own economic decisions without interference from the government.

Back

freedom

Front

The highest goals of a market economy are economic freedom and ___________.

Back

efficiency