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Ch. 2 Econ Systems

QuestionAnswer
This is an economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom. Traditional
This is an economic system characterized by a central authority that makes most of the major economic decisions. Command
This is an economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions. Market (Free-enterprise or capitalism)
The United States has what type of economic system? Market (Free-enterprise or capitalism)
The Australian Aborigines have what type of economic system? Traditional
North Korea has what type of economic system? Command
This economic system is based on individual freedom and private ownership of resources. Market (Free-enterprise or capitalism)
In this economic system is roles are defined by customs of elders and ancestors. Traditional
This economic system is based on government ownership of resources and control over people's lives. Command
What are two other names for a market system? Free-enterprise or capitalism
Which type of economic system has the most individual freedom and encourages innovation? Market (Free-enterprise or capitalism)
Which type of economic system has the most government control over people's lives? Command
In this type of economic system, you are most likely to perform work the same way your ancestors did. Traditional
True or False: Pure market, pure command, and pure traditional systems rarely exist. True
True or False: Nations tend to evolve over time and change is almost inevitable are reasons why mixed economies exist. True
True or False: Pure traditional, market, and command economies are rare, if exist at all, is one reason why mixed economies exist. True
True or False: A major event like severe economic decline or revolution may cause an economy to adopt changes that include aspects of the other systems and is one reason why mixed economies exist. True
China became more of a mixed economy and an economic world power after the death of its leader Mao in 1976 when it adopted more ______________ reforms. market
The economies of China, Cuba, and North Korea are mostly a _____________ economic system. command
The economies of Norway, Sweden, and Denmark have more social welfare programs than the United States but are primarily a ___________ economic system. market
True or False: All economies in the world are mixed because they have a combination of privately-owned resources with some government regulation and control. True
The fact that roles are defined and the WHAT, HOW, and FOR WHOM to produce already answered are advantages of a _________ economic system. traditional
The fact that a country can change direction drastically and allows some access to food, housing, health care, education more readily to its citizens at little or no cost are advantages of a _________ economic system. command
Individual freedom for buyers and sellers in most decisions and a huge variety goods, along with a high degree of consumer satisfaction, are all advantages of a ________ economic system. market
A loss of freedom production of low-quality goods, and higher tax rates are all disadvantages of a _________ economic system command
Not providing goods & services for everyone (too old, too young, too sick, too poor not cared for) and not providing enough public goods such as national defense, roads, health care, & education are disadvantages of a _________ economic system. market
Discouraging innovation, punishing those who break rules & traditions, and a lower standard of living compared to other systems are all disadvantages of a ____________ economic system. traditional
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