Types of Economic Systems

Types of Economic Systems

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Social Studies, Business

4th Grade - University

Hard

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The video tutorial explains the branch of economics, focusing on three types of economic systems: traditional, command, and market economies. Traditional economies rely on customs and bartering, with little progress and no major countries using this system. Command economies are government-controlled, providing free services and equal income, seen in countries like Cuba and North Korea. Market economies, like in the USA, are driven by supply and demand, offering individual freedom and competition among businesses.

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the three types of economic systems mentioned in the text?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

Describe the characteristics of a traditional economy.

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What role does the government play in a command economy?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

How does a market economy differ from a command economy?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What are some advantages of a market economy?

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