WorksheetsDAY #2 ACP SRING REVIEW DOL
Total questions: 14
Worksheet time: 21mins
What are the main tasks for workers in a traditional economy?
Hunting, gathering, and cultivation
Manufacturing
Technology development
Financial services
the exchange of one good or service for another good or service. For example: I will shovel your snow if you pull my weeds this summer.
barter or trade
import or export
income or currency
good or service
......... is when there isn't enough of something you need or want.
Specializing
Resources
Exporting
Scarcity
What is the economic system in which businesses operate and have free control to produce goods and services.
Free Enterprise
money
the government
______ is an economic system that is heavily influenced by the law of ______.
Capitalism; Sustainable Development
Communism; Class Warfare
Capitalism; Supply & Demand
Socialism; Safety-Net Programs
Capitalism; Distribution
In a ______ economy, the government will focus on equal wages in order to _________.
Communist; maximize profits
Communist; eliminate social classes
Socialist; provide health care
Socialist; allow some private ownership
Capitalist; provide a basic income
What is a Command Economy?
CAPITALISTIC economy in which there is free competition and prices are determined by interaction of supply and demand
An economic system COMBINING private and public enterprise.
When production, investment, price, and income are determined centrally by a GOVERNMENT.
A system that relies on customs, history, and time-honored beliefs.
This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.
Competition
Freedom of Enterprise and Choice
Private Property
Motive of Self-Interest
Archibald always purchased his groceries at Walmart Aldi opened a new store. A natural rivalry has been created and Archibald now has a choice as to where he buys groceries.
Which characteristic of a Mixed economy does this describe?
Private Proerty
Motive of Self-Interest
A system of markets and prices
Competition
How do mixed economies differ from purely market economies?
They have no government involvement
They have no individual involvement
They include government roles in addition to market forces
They rely solely on market forces
