Podcast
Questions and Answers
What is prohibited in a command economy? (Select two answers)
What is prohibited in a command economy? (Select two answers)
- Free market competition
- Government regulation
- The personal ownership of property (correct)
- The influence of consumer demand (correct)
What is the goal of a market economy?
What is the goal of a market economy?
Promote free economic choices.
What is the most common economic system in the world?
What is the most common economic system in the world?
Mixed market economy
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?
Which statement best describes a command economy?
Which statement best describes a command economy?
Which statement best describes a pure market economy?
Which statement best describes a pure market economy?
Which statement best describes a mixed market economy?
Which statement best describes a mixed market economy?
A command economy tends to exist under what type of government?
A command economy tends to exist under what type of government?
Which nation has a command economy?
Which nation has a command economy?
What restriction would the government impose in a closed economy?
What restriction would the government impose in a closed economy?
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Study Notes
Economic Systems Overview
- Command Economy Prohibitions: Personal ownership of property and consumer demand significantly influence economic choices.
- Market Economy Objective: Aims to promote free economic choices, allowing competition and innovation.
Common Economic Systems
- Most Common System: The predominant economic system globally is the mixed market economy, combining elements of both market and command economies.
Impact on Citizens
- Job Flexibility in Market Economies: Citizens have the ability to change jobs easily, reflecting the dynamic nature of job markets.
Descriptions of Economic Systems
- Command Economy Characteristics: Primarily government-driven, where the state makes most economic decisions and controls resources.
- Pure Market Economy Features: Economic choices are entirely driven by producers and consumers, with minimal government intervention.
- Mixed Market Economy Dynamics: A blend where both consumers/producers and the government have roles in economic decision-making.
Government and Control
- Command Economy Governance: Usually exists under a communist regime, characterized by extensive regulation and control.
- Example of Command Economy: Cuba is a notable example of a nation with a command economy.
Trade Restrictions
- Closed Economy Restrictions: Government-imposed prohibitions on trade with other nations to maintain economic isolation.
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