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SOL CE.11b

Civics & Economics SOL CE.11b

QuestionAnswer
What are the 3 basic questions of economics? 1. What will be_____? 2. How will it be_____? 3. For whom will it be_____? produced
What is the major difference between countries and their economic systems? Government Involvement
Identify the Economic System: Individuals have the most power in economic decision making in a… Free Market Economy
Identify the Economic System: The government have the most power in economic decision making in a… Command Economy
Identify the Economic System: Economic decisions based on custom and historical precedent in a… Traditional Economy
Identify the Economic System: People, regardless of their own ability, often do the same type of work as their parents and grandparents? Traditional Economy
Identify the Economic System: Private ownership of property/resources? Free Market Economy
Identify the Economic System: Central ownership of property/resources? Command Economy
Identify the Economic System: Businesses and individuals are owners and decision-makers for the private sector, but the government is the owner and decision maker for the public sector? Mixed Economy
Identify the Economic System: Economy with the least government involvement? Free Market Economy
Identify the Economic System: Centrally planned economy? Command Economy
Identify the Economic System: Greater government involvement than a Free Market Economy, but less than a Command Economy? Mixed Economy
Identify the Economic System: Profit, competition, consumer sovereignty, and individual choice? (HINT: Two Answers) Free Market Economy and Mixed Economy
Identify the Economic System: Lack of consumer choice? Command Economy
Identify the Economic System: Most common economic system in the world today? Mixed Economy
Identify the Economic System: The United States has many characteristics of a Free Market Economy, but is considered a… Mixed Economy
Created by: Warren_Fisher
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