37a, b, c: analyze different economic systems in Africa

In which economic system are entrepreneurs MOST likely to exist?

• Command Economy

• Market Economy

• Traditional Economy

• Communist Economy

Who or what answers the economic questions of “What to Produce? How to Produce? For Whom to Produce?” in a traditional economy?

• Decisions are based on the traditions and customs of the society.

• Decisions are made by the government.

• Decisions are made by individual producers and consumers.

• Decisions are made by a combination of the government and individuals.

Who or what answers the economic questions of “What to Produce? How to Produce? For Whom to Produce?” in a mixed economy?

• Decisions are based on the traditions and customs of the society.

• Decisions are made by the government.

• Decisions are made by individual producers and consumers.

• Decisions are made by a combination of the government and individuals.

In which economic system is ALL property owned by individuals and individuals make all the decisions?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is ALL property owned by the government and the government makes all of the decisions?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

South Africa's economy is .........?

• mixed toward market

• mixed toward command

• traditional

• pure market

Nigeria's economy is .........?

• mixed toward market

• mixed toward command

• traditional

• pure market

Kenya's economy is .........?

• mixed toward market

• mixed toward command

• traditional

• pure market

The economies of Kenya, Nigeria and South Africa can best be described as?

• mixed market

• mixed command

• traditional

• pure market

Why do most economies in the world today operate somewhere between a market economy and a command economy?

• Government control always makes a market economy more profitable.

• Most consumers prefer government control to a free market system

• Most economies have found that they need a mix of free market and some government control to be successful and protect consumers

• Most business owners prefer government control to a free market system