Economic Systems and Decision-Making

This video introduces economic systems, focusing on market, mixed, centrally planned, and traditional economies. It explains how societies organize production, distribution, and consumption of goods and services. Examples include Canada, the USA, and Cuba. The video also discusses the economic continuum and how government involvement varies. Students are tasked with demonstrating their understanding of these systems.

What is the primary focus of the video on economic systems?

• The economic systems of Australia and Antarctica

• The economic systems of Africa and South America

• The economic systems of Europe and Asia

• The economic systems of Canada and the United States

Which of the following best describes a traditional economy?

• An economy with advanced technology and industries

• An economy that relies on agriculture and manual labor

• An economy controlled by the government

• An economy driven by consumer choices

In a centrally planned economy, who makes the economic decisions?

• International organizations

• Individual consumers

• Private companies

• The government

Which country is given as an example of a centrally planned economy?

• United States

• Canada

• Cuba

• Australia

In a mixed economy, who owns the resources?

• Only the government

• Only private individuals

• International corporations

• Both the government and private individuals

Which of the following is an example of a mixed economy?

• China

• Canada

• United States

• Cuba

In a market economy, what drives economic decision-making?

• International trade agreements

• Consumer choices

• Environmental factors

• Government policies

Which country is used as an example of a market economy?

• Canada

• United States

• Cuba

• Brazil

What is the economic continuum?

• A chart showing international trade

• A line representing different levels of government involvement in the economy

• A scale measuring economic growth

• A graph of consumer spending

How can a country's position on the economic continuum change?

• By altering its currency

• Through changes in international trade

• By increasing its population

• Depending on societal values and government policies