Week 5 economic systems

In the ...............economy , the government determines ............... , ..................... , ................to produce .

• free / how , when and where

• traditional / when , for whom and what

• command / how , what and where

• planned / what , how and for whom

 

What are the three economic questions?

• What to produce? How to produce? For whom to produce?

• Who to produce? Why you produce? Like to produce?

• Why to produce? Tell who to produce? Things to produce?

• None of them

All of these true for the traditional economic system except one

• Simple economic activity

• Very effective

• Uses tools like horse and arrow

• Duplication of effort

When answering the three basic economic systems , every society must take into consideration

• values

• the number of consumers

• traditions

• beliefs

• values , traditions and beliefs

Lower standard of living is an advantage of

• mixed economy

• market economy

• command economy

• traditional economy

Type of economic systems that is passed down from generation to generation is

• Command

• Traditional

• Mixed

• Market

Every society must answer the three basic economic questions similarly

• True

• False

In this economy, people know exactly what their roles or job is

• Market Economy

• Mixed Economy

• Command economy

• Traditional economy

Traditional economic system can be found in

• Asia

• Africa

• North America

• Both Asia and Africa

The main advantage of is that this type of economics produces only those goods and services which are required for the survival

• mixed economy

• command economy

• traditional economy

• market economy