SSEF4 Economic Systems

SSEF4 Which is a fundamental questions every society must answer?

• What goods and services are to be produced?
• How are the goods and services to be produced?
• For whom are the goods being produced
• All of the above

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

SSEF4a Which type of economic system would have the least amount of government regulation?

• Traditional
• Command
• Market
• Socialist

The United States economy is one in which producers are generally free to produce what they want, and consumers are free to purchase what they desire, so long as no laws are broken. 

• Market Economy
• Command Economy
• Liberated Economy
• Mixed Market Economy

SSEF4  Jingo was born to be a warrior-hunter,   Jingo trades the furs of animals he catches to other families and tribes for many goods.  What economic system is this?

• Market
• Command
• Traditional
• Capitalist

SSEF4a Consumer sovereignty, profit motive, private ownership, and competition are all most associated with which economic system?

• Command
• Market
• Traditional
• None of the above

An economic system based on equity and in which the government decides what gets made and sets prices is called a

• market economy
• traditional economy
• political economy
• command economy

SSEF4c We start a new colony on mars and must distribute the scarce resources we have to everyone.  We do so by having our leader allocate them as he decides.  This strategy for allocating resources would be considered:

• Lottery
• Authority
• Sharing
• Majority rule

Supply and demand alone controls production of  goods and services?

• command economy
• communism
• pure market
• mixed market

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy
• Command economy
• Traditional economy
• Mixed economy