Which of the following best describes an economic system: a)It's a system where consumers and suppliers integrate together b)How consumers determine the 3 basic economic decisions c)How a society answers the 3 basic economic questions
c)How a society answers the 3 basic economic questions
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15
raditional economies organize their economic activities according to their a)People's wealth b)Demand & Supply C)Government orders D)Traditions
Traditions
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boom
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rocket
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fairy
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banana
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monster
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star
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fairy
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banana
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15
In my country my job is the same one that my family has done over the past 200 years. This is an example of which type of economic system?
Traditional economy.
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25
If you are an entrepreneur who is opening up a business that produces electronics. List and explain how you are going to allocate the four factors of production
Provide examples of land, labor, capital, technology & enterprise used by this business.
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15
T/F: The situation where women tend crops and raise children while men hunt is often found in a market economy.
False (Traditional)
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15
What is an economic system where only the government makes the economic decisions?
Command economy
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T/F: Resistance to the introduction of new farming methods is an attitude often found in a tarditional economy.
True
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15
A market which includes both government decisions and consumer/buyer decision is in a/an ______________ economy. A)Traditional B)
Mixed
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15
How does an economy answer the 3 questions?
Using one of the 4 economic systems, the economy decided on what to produce, how to produce it and for whom to produce it in order to combat scarcity.
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seesaw
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seesaw
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rocket
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thief
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15
What type of economic system allows private businesses to decide what to produce, how to produce and for whom to produce? a)Command b)Free Market c)Traditional
b) Free Market. Also a Mixed economy allows some degree of private ownership balanced with government control
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15
T/F: According to Capitalism ideology, all workers must contribute to the society according to their ability and would receive benefits according to their need.
False (Communism)
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15
If the government orders a business firm to produce 100 pairs of shoes, what economic system is this?