Economic Systems

Front

Which of the 3 basic economic questions is being answered when Nike decides to use more robots on their assembly lines because it is more efficient than using workers? Options: What will be produced?, How will it be produced?, For whom will it be produced?

Back

How will it be produced?

Front

Economic system where individuals (producers and consumers) answer the three basic economic questions:

Back

Market
Market
Market

Front

Economic system where the government answers all three basic economic questions: Market, Command, Traditional, Modern or Mixed

Back

Command

Front

Economic system where tradition, customs, and values answer the three basic economic questions: Market, Command, Modern or Mixed, Traditional

Back

Traditional

Front

North Korea employs which kind of economy: Free Enterprise, Traditional, Command, Capitalism

Back

Command

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

Most economies are _____. Options: Traditional, Command, Market, Mixed

Back

Mixed

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

In the USA, people have _______ to work hard because we can make profits in our market economy!

Back

Incentives

Front

Do completely pure or completely command economies currently exist?

Back

True