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Unit 7
Economics Systems Study Guide
| Question | Answer |
|---|---|
| Which system is based on customs and traditions? | Traditional economy |
| In which system are decisions made by individuals and businesses? | Market economy |
| Who makes economic decisions in a command economy? | Government |
| What is a feature of a market economy? | Private ownership of resources |
| What defines a mixed economy? | Public and private sector involvement |
| In a traditional economy, how are goods produced and distributed? | Customs and traditions |
| What does the government do in a command economy? | Set prices and control production |
| Which system has the most government control? | Command economy |
| What determines prices in a market economy? | Supply and demand |
| Which economy does the United States have? | Mixed economy |
| In which system does the government control most decisions? | Command economy |
| What’s a disadvantage of a command economy? | Limited consumer choice |
| Which system allows individual freedom in economic choices? | Market economy |
| What is a feature of a mixed economy? | Both private and public sectors are involved |
| What does the government do in a mixed economy? | Provide public goods and services |
| What’s a feature of a traditional economy? | Economic roles based on custom |
| What’s an advantage of a market economy? | Consumers have many choices |
| What happens in a command economy when the government sets prices? | Prices don’t reflect demand |
| Which system emphasizes efficiency and innovation? | Market economy |
| What is the role of private businesses in a mixed economy? | Operate with government regulations |
| Which system is most common worldwide? | Mixed economy |
| How does a traditional economy make decisions? | Based on customs |
| Who decides what to produce in a market economy? | Producers and consumers |
| What’s a disadvantage of a market economy? | Income inequality |
| What happens when there’s a market failure in a mixed economy? | The government steps in |
| Which system has little or no government involvement? | Market economy |
| What does the government do in a mixed economy? | Regulate markets |
| Which system has high levels of government control? | Command economy |
| What’s an advantage of a command economy? | Equal distribution of resources |
| What role does competition play in a market economy? | Encourages innovation and lowers prices |
Created by:
Santos (US History)
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