Economy

Front

What is an economy?

Back

It describes how a country manages it's money and resources

Front

Define a traditional economy

Back

Based on family custom and tradition. No money is exchanged. People trade.

Front

Who makes the decision in a Market Economy?

Back

Consumers and Producers

Front

Define a command economy

Back

Government tells what to produce, how to produce and for whom to produce. Government makes are the decisions financially.

Front

Which choice best explains a mixed economy?

Back

Combination of Market and Command Economy

Front

How are prices determined?

Back

Supply and Demand

Front

Would a country rather have more imports or exports?

Back

Exports because the country will make more money from production.

Front

What is the Invisible Hand in a Market Economy?

Back

a metaphor describing the unintended greater social benefits and public good brought about by individuals acting in their own self interests

Front

All economic decisions are based on custom and habit from the past

Back

Traditional Economy

Front

Which economy is typically the best to live in? Options: traditional, command, market, mixed

Back

mixed