Social Studies: 7th Grade: Unit 8: Lesson One

Which economy’s government makes all of the business and financial decisions?

• Command Economy

• Mixed Economy

• Market Economy

• Traditional Economy

If you had your own economy, which one would you choose? Why?

This economy uses the laws of supply and demand to determine what is produced and at what cost.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

This economy is governed by custom, habit, and history.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

What is subsistence?

• A 0-100 scale which ranks world economies from most command learning (0) to most market learning (100)

• Reduction of government oversight and/or influence in a given sector of the economy

• Producing only what is necessary from personal use/survival.

• Roaming Africa’s land economies and producing food for the environment

Which two economies make up a mixed economy?

• Command

• Traditional

• Market

• Free enterprise

What is free enterprise?

• The creation, maintenance, and expansion of businesses outside control or influence of the government

• Market Economies are the only economy with free enterprise

• To estimate, measure, or note the similarity or dissimilarity between

• Africa is the only continent with free enterprise

South Africa has a _____ economy.

• Mixed

• Market

• Command

• Traditional

Nigeria has a _____ economy.

• Mixed

• Market

• Traditional

• Command

Kenya has a ____ economy.

• Mixed

• Market

• Command

• Traditional