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12 questions
Select all that apply. What are the three basic economic questions?
What should be produced?
How should it be produced?
Why should it be produced?
Who gets to consume it?
It is when individuals dictate the economy
Command economy
Traditional economy
Mixed economy
Market economy
It is when customs dictate the economy
Mixed economy
Market economy
Command economy
Traditional economy
It is when the government dictate the economy
Traditional economy
Command economy
Market economy
Mixed economy
It is when individuals in the market dictate the economy
Market economy
Command economy
Mixed economy
Traditional economy
One of the advantages of a traditional economy
poverty
innovative
promotes strong social bonds
creates national projects
One advantage of command economy
little technology
planning does not match reality
innovative
create large national projects
Select all that apply. Disadvantages of a command economy
planning does not match reality
innovative
little technology
does not meet people's needs
Select all that apply. advantages of market economy
markets lead to equilibrium
poverty
innovative
high quality
role of government in mixed economy
regulate the market
own the market
reject the market
in a mixed economy, ______ are determined in the market
cost of products
incentives
prices
profit
differentiate socialist, communist, capitalist and fascist
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