Economic Systems

Which of the following do economic systems organize for societies? (Check all that apply)

We'd find more traditional economies in....

No country has a purely market economy.

In a market economy, what most strongly affects the price and quality of goods and services?

Which of the following would reflect a country with a mixed economy?

In a command economic system or planned economy, the government controls the economy. The state decides how to use and distribute resources. The government regulates prices and wages; it may even determine what sorts of work individuals do. Socialism is a type of command economic system. Historically, the government has assumed varying degrees of control over the economy in socialist countries. In some, only major industries have been subjected to government management; in others, the government has exercised far more extensive control over the economy. The classic (failed) example of a command economy was the communist Soviet Union. The collapse of the communist bloc in the late 1980's led to the demise of many command economies around the world.

According to the passage, why is it unusual for a country to have a command market in today’s society?

Most modern countries have a ___________ economy.

The way a country organizes how it will produce goods to meet the needs of its people

People sell their excess crops in village markets for items they need is an example of which economy?

Buyers and sellers make the financial decisions

A person who is associated with starting a business is know as

What do you call a person who meets the needs of other people by fulfilling their demands for products and services?

The term _______ refers to the economic value of a worker's experience and skills. __________ includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality. __________ can increase productivity and thus profitability.

What do you call a person who offers products or services in exchange for payment or money?

What do you call a person who pays for goods & services?