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Social Studies
9th -
12thgrade
Economics - Mixed Economies - Chapter 2
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- Multiple ChoicePlease save your changes before editing any questions.traditional economysystem in which economic activity is the result of ritual, habit, or customconversion of state-owned property to individual ownershipeconomic system in which a central authority makes the major economic decisionseconomic shift from private ownership to government ownership
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command economy
conversion of state-owned property to individual ownership
system in which economic activity is the result of ritual, habit, or custom
economic system in which a central authority makes the major economic decisions
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capitalism
economic system in which a central authority makes the major economic decisions
economic sector in which goods and services are sold illegally
conversion of state-owned property to individual ownership
economic system in which private citizens own and use resources to make a profit
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privatization
economic sector in which goods and services are sold illegally
economic shift from government ownership to private ownership
economic shift from private ownership to government ownership
conversion of state-owned property to individual ownership
- Multiple ChoicePlease save your changes before editing any questions.nationalizationsystem in which economic activity is the result of ritual, habit, or customeconomic sector in which goods and services are sold illegallyeconomic shift from private ownership to government ownershipeconomic system in which a central authority makes the major economic decisions
- Multiple ChoicePlease save your changes before editing any questions.Government owns most resourcesCommandMarketTraditional
- Multiple ChoicePlease save your changes before editing any questions.Main activities are often fishing, hunting, or farmingCommandMarketTraditonal
- Multiple ChoicePlease save your changes before editing any questions.Prices and supply and demand lead to production decisions.CommandMarketTraditional
- Multiple ChoicePlease save your changes before editing any questions.High level of individual freedomCommandMarketTraditional
- Multiple ChoicePlease save your changes before editing any questions.Most likely to have a low standard of livingCommandMarketTraditional
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Public services available at little to no cost
Command
Market
Traditional
- Multiple ChoicePlease save your changes before editing any questions.How are economic transactions shaped in a traditional economy?Each community decides who will produce and who will buyThe elders decide based on the way things have always been doneThe three basic questions of production do not arise in this type of economy.Individuals form networks to buy, sell and trade as they choose
- Multiple ChoicePlease save your changes before editing any questions.A major advantage of a market economyIt can change direction quicklya high degree of individual freedomefficient government control of production and distributionPeople are likely to be offered goods and services they cannot afford
- Multiple ChoicePlease save your changes before editing any questions.Most common type of economy in the world todayMixedCommandMarketTraditional
- Multiple ChoicePlease save your changes before editing any questions.A disadvantage of a market economyA high degree of uncertaintyRestricts to personal freedomDiscourages creativity and new ideasDoes not allocate resources as efficiently
- Multiple ChoicePlease save your changes before editing any questions.Economy where the government own some of the factors of productionCommunistSocialistMarketTraditional
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A disadvantage of this economy is that new ideas and technology is discouraged.
Captialism
Socialism
Traditional
Command
- Multiple ChoicePlease save your changes before editing any questions.Which of these economic systems have the least in common?Market economy and capitalismCommand economy and socialismCommand economy and capitalismFree-enterprise economy and market economy
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A disadvantage of a command economy
Items are produced only for profit.
It cannot “change direction” easily
It does little to help the less advantaged obtain what they need
The government may produce things people don't need or want
- Multiple ChoicePlease save your changes before editing any questions.How a command economy is different from a socialist economyAll production is managed by the government.All economic decisions are made by the free market.All economic decisions are based on custom and habit.Some degree of private ownership and activity is allowed.
- Multiple ChoicePlease save your changes before editing any questions.How does privatization raise a nation's overall standard of livingPeople are less likely to assume the risks of entrepreneurship.the means of production go to the governmentPeople are more likely to be productive when it benefits them personally.A nation's ruling class can administer the economy efficiently
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A struggle in the process of privatization
Government has to learn how to control the economy.
People must decide how best to get along without a free market
People must adapt to the costs and risks that are part of capitalism.
People must become used to no longer owning their own homes and businesses.
- Multiple ChoicePlease save your changes before editing any questions.How is “There’s No Such Thing As A Free Lunch” illustrated in a socialist economy?Socialist economies tend to collapse when they become too large.The marketplaces in a socialist economy are free for anyone to enter.Socialist policies offer advantages to the wealthy at the expense of those less well-off.Socialist economies tend to offer extensive government services but have high tax rates.
- Multiple ChoicePlease save your changes before editing any questions.Which is a correct statement about mixed economies todayThere are more mixed economies in the world than any other kind.Very few economies today can be accurately described as “mixed.”Mixed economies exist mostly in nations with communist governments.Most nations that once had a mixed economy have evolved into command economies.
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The transition to capitalism is often difficult because
Workers want to continue working in a classless society
Business owners don't want to give up of their businesses to workers
Governments don't want to give up power
Workers don't want to government to completely control the economy
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Since there is no financial incentive to work in a command economy, workers
often create poor quality products
have to manage production on their own
are forced to use old-fashioned manufacturing techniques
have to meet high standards for product safety
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Why does privatization tend to increase a nation's standard of living?
There are very few entrepreneurs to take risks
The government decides what to produce
People will work more efficiently and produce better products when rewarded for their work.
The nation's elite power class handles the equal distribution of the factors of production.