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Economic Systems

Review of Major Economic Systems

QuestionAnswer
Economic systems differ in regards to who or what answers the basic economic questions. What are the three basic economic questions? What to produce? How to produce? For whom to produce?
Which economic system follows past practice when making economic decisions? Traditional Economy
Economic concept that states the produces make what the consumers need/want. Supply and Demand
Which economic system bases all economic decisions purely on supply and demand to make a large profit? Market Economy
Which economic system does the United States practice? Mixed Market Economy
In a command economy the question of what goods and services to produce is determined by who or what? The government
The concept that stresses the government should not regulate business affairs and completely ignore economic decisions. Laissez-Faire
Which economic system is laissez-faire? Market Economy
Which economic system has some economic decisions being made by individuals and private companies and some decisions being made by the government and public companies? Mixed Market Economy
Which economic system has an equal standard of living for all people? Command Economy
Why does a traditinoal economy tend to never see economic or industrial improvement? It follows traditional practices only.
Define free enterprise. Freedom of business - businesses can do whatever they want when making economic decisions in order to earn a profit.
Which economic system is free enterprise? Market Economy
In a mixed market economy how much money does someone have to make at a job because of government regulations on business? At least minimum wage
Why is hard work and effot not rewarded in a command economy? Because everyone is paid equally once quota is met.
This is the minimum amount of a product that has to be made to receive payment. Quota
What type of government is normally associated with command economies? Dictatorship/Totalitarian/Authoritarian/Communism
Finish this statement: A traditional economy values _______ over ________. Tradition; Profit
Finish this equaition: Mixed Market Economy = ________ + ________. Market; Command
In a mixed market economy who or what makes all the economic decisions? The people and the government
A central authority determines the type and quantity of goods to be produced. Command Economy
Economic system that is free from regulations. Market Economy
Profit motivation is key. Market Economy
Economic system in which economic resources are privately owned and decisions are largely made by the free exchange in the marketplace. Market Economy
Most economies in the world today. Mixed Market Economy
Economic decisions are made by the government and marketplace supply and demand. Mixed Market Economy
Economic system offers stability because individuals are always aware of what to expect. Traditional Economy
Which economic system existed during the industrial revolution? Market Economy
Although mixed market economies are highly regarded as fair a major downfall is the lose of profit from having to pay ___. Taxes
Command economies offer equality for all, but tend to become unfair and/or corrupt for what reason? The government controls everything and does not consider individual needs and wants when making decisions
Name the four major economic systems. Traditional, Command, Market, Mix-Market
Public Sector Government Controlled
Private Sector Individually Controlled (People)
Which economic system is similar to the cottage industry? Traditonal Economoy
Created by: aash0815
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