Gr11's Economize? Really! | Baamboozle - Baamboozle

English 14 Public

Gr11 Q1 Economic Systems

Study Slideshow

Mixed economies combine both the _________ with the_______. There’s a balance to it.

Both private interests and government interests.

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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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What is an economic system where only the government makes the economic decisions?

Command economy

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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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If the government orders a business firm to produce 100 pairs of shoes, what economic system is this?

Command

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A market which includes both government decisions and consumer/buyer decision is in a/an ______________ economy. A)Traditional B)

Mixed

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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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T/F: Resistance to the introduction of new farming methods is an attitude often found in a tarditional economy.

True

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In this type of economy, the individual decides who to sell their products to, which company to work for and buyers decide which producer to buy from.

Free Market

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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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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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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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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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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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