Unit 2 Notes Economic Systems

Which of the following is a weakness of a traditional economy?

What is one significant advantage of a market economic system compared to traditional and command systems?

Which economic system is characterized by the allocation of resources based on ritual, habit, or custom?

List three major economic and social goals of the U.S. economy.

What is one possible trade-off to full employment as described in the example of foreign policy?

Which of the following are characteristics of free enterprise and capitalism? (all that apply)

What is the role of the entrepreneur in a capitalist economy and provide an example.

Does our economy allow economic freedom?

Reflecting on what you learned about economic systems, which type of economy do you think best meets the needs of its people, and why?