Podcast
Questions and Answers
What is one characteristic of a command economy?
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?
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?
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?
In which type of market would you find it the most difficult to buy goods from another country?
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What type of market is illustrated by this pie chart?
What type of market is illustrated by this pie chart?
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Which economic system is supported by this passage's main argument?
Which economic system is supported by this passage's main argument?
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What are the pros of a mixed market economy for most citizens? (Select all that apply)
What are the pros of a mixed market economy for most citizens? (Select all that apply)
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The goal of a command economy is to
The goal of a command economy is to
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Which nation has a socialist command economy?
Which nation has a socialist command economy?
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The goal of a market economy is to
The goal of a market economy is to
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A mixed market economy tends to exist under a
A mixed market economy tends to exist under a
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What restriction would the government impose in a closed economy?
What restriction would the government impose in a closed economy?
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What is one way a market economy affects the lives of private citizens?
What is one way a market economy affects the lives of private citizens?
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What is one way a command economy affects the lives of private citizens?
What is one way a command economy affects the lives of private citizens?
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What is prohibited in a command economy? (Select all that apply)
What is prohibited in a command economy? (Select all that apply)
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A command economy tends to exist under a
A command economy tends to exist under a
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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.
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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.
