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Gr11's Economize? Really!
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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
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
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.
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.
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.
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
T/F: Resistance to the introduction of new farming methods is an attitude often found in a tarditional economy.
True
T/F: The situation where women tend crops and raise children while men hunt is often found in a market economy.
False (Traditional)
A market which includes both government decisions and consumer/buyer decision is in a/an ______________ economy. A)Traditional B)
Mixed
If the government orders a business firm to produce 100 pairs of shoes, what economic system is this?
Command
raditional economies organize their economic activities according to their a)People's wealth b)Demand & Supply C)Government orders D)Traditions
Traditions
What is an economic system where only the government makes the economic decisions?
Command economy
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)
Mixed economies combine both the _________ with the_______. There’s a balance to it.
Both private interests and government interests.


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