Questions and Answers
What is one characteristic of a command economy?
The government controls the prices of most goods.
In a mixed market economy, who makes most of the daily economic decisions?
Individual citizens.
Which type of market is the least likely to have an official currency?
Traditional economy.
In which type of market would you find it the most difficult to buy goods from another country?
Signup and view all the answers
What type of market is illustrated by this pie chart?
Signup and view all the answers
Which economic system is supported by this passage's main argument?
Signup and view all the answers
What are the pros of a mixed market economy for most citizens? (Select all that apply)
Signup and view all the answers
The goal of a command economy is to
Signup and view all the answers
Which nation has a socialist command economy?
Signup and view all the answers
The goal of a market economy is to
Signup and view all the answers
A mixed market economy tends to exist under a
Signup and view all the answers
What restriction would the government impose in a closed economy?
Signup and view all the answers
What is one way a market economy affects the lives of private citizens?
Signup and view all the answers
What is one way a command economy affects the lives of private citizens?
Signup and view all the answers
What is prohibited in a command economy? (Select all that apply)
Signup and view all the answers
A command economy tends to exist under a
Signup and view all the answers
Study Notes
Characteristics of Economic Systems
- Command Economy: Government controls prices of most goods and aims to create societal equality.
- Mixed Market Economy: Individual citizens make most daily economic decisions, allowing for personal choice and greater wealth opportunities.
- Traditional Economy: Least likely to have official currency, relies on customs and traditions.
- Closed Economy: Features restrictions on buying goods from other countries; government prohibits trade with other nations.
Goals of Economic Systems
- Command Economy: Seeks to create equality within society.
- Market Economy: Aims to promote free economic choices and individual freedoms.
Economic Structures
- Mixed Market Economy: Exists under a democratic government that allows regulation and fosters independence.
- Socialist Command Economy: Exemplar is Cuba, showcasing government control over economic decisions.
Effects on Citizens
- Market Economy: Enables citizens to change jobs easily, promoting workforce mobility.
- Command Economy: Limits citizens’ ability to make economic decisions and prohibits personal property ownership and consumer demand influence.
Opportunities and Restrictions
- Pros of Mixed Market Economy: Encourages independence, allows job choice flexibility, and offers opportunities for wealth accumulation.
- Prohibitions in Command Economy: Disallows personal ownership of property and restricts market influences.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on different economic systems with these flashcards. Explore characteristics of command, mixed market, and traditional economies. Perfect for students looking to understand the fundamentals of economics.
