Economic Systems

Use the drop-down menu to complete each statement. Communist countries usually have command economies. A command economy that still allows private property and ownership is called socialism A command economy in which the government controls everything is called communism.

command/socialism/communism.

Which statement best describes a pure market economy? Producer intervention in economic choices is strictly forbidden. The government determines economic choices and makes most decisions. *The decisions made by producers and consumers drive all economic choices. Producers and consumers make some economic choices while the government makes others.

*The decisions made by producers and consumers drive all economic choices.

How does the government of a republic typically shape its economy? *The government allows citizens to own private businesses. The government blocks the ownership of personal property. The government owns all homes and other forms of housing. The government controls factories and other forms of production.

*The government allows citizens to own private businesses.

Read the paragraph below, and then decide which type of economy is being described. In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs. What type of economy is being described? a traditional economy a free market economy a mixed-market economy a command economy

A traditional economy

A mixed market economy tends to exist under a: communist government that provides little regulation. democratic government that provides some regulation. representative government that provides no regulation. socialist government that provides a lot of regulation.

Democratic government that provides some regulation.

How does the economy of Cuba differ from the economy of North Korea? In North Korea, the government's control of the economy has begun to loosen. In Cuba, the government maintains a tight hold over the economy. In Cuba, the government's control of the economy has begun to loosen. In North Korea, the government maintains a tight hold over the economy. In North Korea, there is economic uncertainty in exchange for individual choice. In Cuba, there is economic security in exchange for government control. In Cuba, there is economic uncertainty in exchange for individual choice. In North Korea, there is economic security in exchange for government control.

In Cuba, the government's control of the economy has begun to loosen. In North Korea, the government maintains a tight hold over the economy.

Which statement best describes a pure market economy? Producer intervention in economic choices is strictly forbidden. The government determines economic choices and makes most decisions. The decisions made by producers and consumers drive all economic choices. Producers and consumers make some economic choices while the government makes others.

The decisions made by producers and consumers drive all economic choices.

How does the government of a republic typically shape its economy? The government allows citizens to own private businesses. The government blocks the ownership of personal property. The government owns all homes and other forms of housing. The government controls factories and other forms of production.

The government allows citizens to own private businesses.

What restriction would the government impose in a closed economy? The government would prohibit trade with other nations. The government would set the prices for imported goods. The government would preserve traditional customs only. The government would prevent private ownership of property.

The government would prohibit trade with other nations.

Use the drop-down menu to select the type of economy that matches the description. ✔ Command economy The government decides what is produced, along with how much is produced. ✔ Mixed market economy The government controls some aspects of the economy, such as infrastructure and transportation, while private consumers and producers control the means of production in other areas. ✔ Pure market economy The government has no involvement or decision-making in what or how much is produced.

✔ Command economy/✔ Mixed market economy/✔ Pure market economy

The goal of a command economy is to sustain self-sufficiency. preserve traditional customs. *create equality within a society. promote free economic choices.

*create equality within a society.

The goal of a market economy is to: sustain self-sufficiency. preserve traditional customs. create equality within a society. promote free economic choices.

Promote free economic choices.

A command economy tends to exist under a: communist government that provides little regulation. democratic government that provides some regulation. representative government that provides no regulation. socialist government that provides a lot of regulation.

Socialist government that provides a lot of regulation.

What is prohibited in a command economy? CHECK ALL THAT APPLY. the control of prices and income levels the rationing of manufactured goods the personal ownership of property the influence of consumer demand the intervention of the government

The personal ownership of property The influence of consumer demand

In a communist command economy, workers are employed by: the agencies. the consumers. the producers. the state.

The state.