White 05 - Unit 5 (6b-6e)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What economic system is it? Economic decisions are based on custom and historical precedent. | Traditional Economy
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| What economic system is it? People often do the same jobs as parents and grandparents, no matter their own skills. | Traditional Economy
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| 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
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| 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
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| 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
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| In what economic system do individuals, businesses, and government all own resources and make decisions? | Mixed Economy
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| Most countries today, including the United States, are a – | Mixed Economy
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| In a mixed economy, individuals and businesses are the decision makers for the - | Private sector
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| In a mixed economy, the government is the decision maker for the - | Public sector
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| What is the correct order from LEAST to GREATEST government involvement? | Free Market > Mixed > Command
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Created by:
Warren_Fisher
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