Economic Systems and Traditional Economies

 What kind of economy has a central authority make the major decisions about WHAT, HOW, and FOR WHOM to produce?

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

 What are the three types of Economic Systems?

• Mixed

  Traditional

  Communist

• Command

  Mixed

  Socialist

• Traditional

  Command

  Market

• Free Enterprise

  Capitalist

  Communist

What is an advantage of a traditional economy?

• Complete reliance on technology for production.
• Rapid economic growth and expansion.
• Stability and predictability in economic activities.
• High levels of innovation and change.

What is an economic and political system in which all factors of production are collectively owned and controlled by the state?

• Socialism
• Anarchism
• Communism

• Capitalism

What is the Federal Minimum wage?

• $7.25 per hour
• $10.00 per hour
• $5.15 per hour
• $8.50 per hour

The increase in an economy's production of goods and services over time is known as

• resource allocation
• economic growth
• market fluctuation
• economic stability

How does the US government regulate the US economy and consumer?

• The US economy is regulated only by private corporations without government intervention.
• The US government has no role in regulating consumer behavior or the economy.
• The US government regulates the economy solely through international trade agreements.
• The US government regulates the economy and consumers through monetary policy, fiscal policy, regulatory agencies, and consumer protection laws.

How are the economic systems of the United States able to accommodate the majority of Americans?

• The are Flexible to allow choices , compromise and still satisfy the majority of Americans. 

  
  

• The economic system prioritizes only the wealthy and ignores the majority.
• Most Americans are excluded from the benefits of the economic system.
• The U.S. economy relies solely on government control to manage resources.

Where can you find Traditional Economies today in the world today?

• Wealthy suburbs in Europe
• Remote rural areas and indigenous communities in Africa, Artic Circle and Australia

• Urban centers in North America
• High-tech industries in Asia

Privilege that entitles people to own and control their own possessions as they wish is known as

• contractual agreements
• taxation laws
• inheritance rights
• private property rights