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What economic system is it? Economic decisions are based on custom and historical precedent.
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What economic system is it? People often do the same jobs as parents and grandparents, no matter their own skills.
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Unit 05 (6b-6e)

White 05 - Unit 5 (6b-6e)

QuestionAnswer
What economic system is it? Economic decisions are based on custom and historical precedent. Traditional Economy
What economic system is it? People often do the same jobs as parents and grandparents, no matter their own skills. Traditional Economy
Identify the characteristic of a Command Economy. HINT: The other TWO choices are Free Market Economy. Central/government ownership of property and resources Private ownership of property and resources Profit motive Central/government ownership of property and resources
Identify the characteristic of a Command Economy. HINT: The other TWO choices are Free Market Economy. Centrally Planned Economy Competition Consumer Sovereignty Centrally Planned Economy
Identify the characteristic of a Command Economy. HINT: The other TWO choices are Free Market Economy. Individual choice Lack of consumer choice Minimal government involvement in the economy Lack of consumer choice
In what economic system do individuals, businesses, and government all own resources and make decisions? Mixed Economy
Most countries today, including the United States, are a – Mixed Economy
In a mixed economy, individuals and businesses are the decision makers for the - Private sector
In a mixed economy, the government is the decision maker for the - Public sector
What is the correct order from LEAST to GREATEST government involvement? Free Market > Mixed > Command
Created by: Warren_Fisher
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