Economic System Characteristics
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each of the black spaces below before clicking
on it to display the answer.
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| Customs govern the economic decisions that are made. | Traditional
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| Technology is not used. | Traditional
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| Farming, hunting and gathering are done the same way as the generation before. | Traditional
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| Economic activities are usually centered toward the family or ethnic unit. | Traditional
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| The government or other central authority makes decisions and determines how resources will be used | Command
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| Change can occur relatively easily. | Command
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| There is no economic freedom. | Command
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| There is no competition. | Command
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| Businesses are not run to create a profit. | Command
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| Consumers have few choices in the market place. | Command
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| Factories are concerned with quotas. | Command
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| Shortages are common because of poorly run factories. | Command
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| The government dictates the job in which you work. | Command
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| The government sets the prices of goods and services. | Command
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| Resources are owned and controlled by individuals. | Market
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| Economic decisions are made by individuals competing to earn profits. | Market
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| Economic freedom is considered very important. | Market
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| Economic decisions are made by the basic principles of supply and demand. | Market
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| Profit is the motive for increasing work rather than quotas. | Market
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| This system is also described as capitalism. | Market
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| There are many economic freedoms. | Market
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| There is competition among businesses. | Market
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| Competition determines price which increase the quality of the product. | Market
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| Government and individuals share the decision making process. | Mixed
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| Government guides and regulates production of goods and services offered. | Mixed
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| This system protects consumers and workers from unfair policies. | Mixed
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| This is considered the most effective economy for providing goods and services. | Mixed
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