� All of them are unique in their own way, but they still share a significant number of characteristics. (1)Mixed Economies (2)Companies (3)Businesses, In mixed economies the government often heavily ______ its citizens in order to pay for social ______ such as welfare, free health insurance, unemployment compensation, and education, Supporters of mixed economies clam that their policies result in a large ______ class that is well educated and can benefit the economy in the future. l a��yt�� e � � � � � � T answers the key economic questions? or . l 4� a� ( k ��� ( N o L i s t j �@� � j �� 20 Five main economic goals help a society choose its economic systems What are they? Do My Online Exam, economics essay questions and answers, research papers, case studies or any sort of assignment, we will be able to help you. � � � O P Q R �������������Ǽ��� h�T! 0 H T \ d l � ANSWER KEY Student Normal.dot Student 2 Microsoft Office Word @ @ �J�w�@ �n�E�� � � �� ��՜.�� +,��0 � h p � � � � � � � � � � � HumbleISD P ' ANSWER KEY Title Last, play the matching game below to see if you can identify the elements of each economic system. 0 Introduction 5. •Traditional economic system •Pure Command •Pure Market •Mixed. The structure of a country’s economy has a lot to do with the country’s politics and the values of its population. l a��yt�� $If gd�� T Critics of market economies claim that they result in _______ between the few that are wealthy and the many that are poor. Each economy functions based on a unique set of conditions and assumptions. Directions: Locate information about how each economic system answers the 3 basic economic questions: TRADTIONAL. � Some comparative economists have discussed that there is a tendency in each economic system to make a gradual transition toward the other. t ��0 � � � � � � �&6� � � � � � �� � � � �� � � � �� � � � �4� 4� Economies can be formal or informal, and economic activity can occur in various economic systems. Define Economics: What are the three questions all economic systems answer? 5 3. The resources of an economic system are called factors of production because the economy needs them to produce goods and services. � Capitalism results from the interaction of commodities, money, labor, means of production, and production by consumers, laborers, and investors. Economics Assignment Help. Chapter 1 Worksheets Answer Key. This term is also sometimes referred to as the "invisible hand of the market", Market economies are characterized by a hands-off approach to the economy by the _______, the protection of ______ by the government, and the rewarding of risk taking by _______ and private _______, (1)Government (2)Private Property (3)Entrepreneurs (4)Industries. economic growth: The increase of the economic output of a country. / e Y M D D D D D $If gd�� $$If a$gd�� � kd $$If �l � ���\ ����i�$ $ � � G �\ ����i�$ $ � � G t ��&6� 5� $ 5�� 5�� 5�G a��yt�� � $$If ��!v h5� $ 5�� 5�� 5�G #v $ #v� #v� #vG :V �l �� � How do economic systems answer the basic economic questions 1. The government owns most of the means of production. t ��&6� 5� $ 5�� 5�� 5�G a��yt�� � $$If ��!v h5� $ 5�� 5�� 5�G #v $ #v� #v� #vG :V �l �� A N S W E R K E Y S t u d e n t S t u d e n t �� �����Oh�� +'��0 t � � � � � � � � Traditional economies are largely based on custom and religion and may involve the barter system. There are … / e � � � � � � T � � � � � � � � � � � � � T �! What are the three questions ALL economic systems answer? • In this type of economic system, the government decides how much workers should produce • Rulers and centralized governments impose their economic choices on society in the form of production quotas, etc. Further, command economies can not compete with nations with ______ economies because they do not promote entrepreneurship and _______, (1)Unproductive (2)Illegal (3)Market (4)Competition. 10 What three basic economic questions must be answered by every society? Word Bank: Laissez Faire government (2) private property entrepreneurs companies inequality programs. _________ have some of the characteristics of both command and market economic systems. If prices drop, demand usually increases until supplies run out. t ��&6� 5� $ 5�� 5�� 5�G a��yt�� � $$If ��!v h5� $ 5�� 5�� 5�G #v $ #v� #v� #vG :V �l � The study of how individuals and nations make choices about ways to use scarce resources to fulfill their wants and needs. �� �z� R $ 0 � � � � � � � � � � � � � � � . Students research the economic systems of a communist country and a third-world country and compare them to the US, ... comparing the economic systems of nations large and small, industrialized and developing, ... Key Concepts: Economic Systems, Human Capital, Productive Resources. This Comparison of Economic Systems Lesson Plan is suitable for 9th - 12th Grade. � t ��0 � � � � � � �&6� � � � � � �� � � � �� � � � �� � � � �4� 4� print it. 0 4. Key Takeaways Key Points. Critics also claim that the market economies can lead the ______ of the poor in less well off countries and large _______ that stifle(stop) all other competitors. macroeconomics b. � ����������������������� 2 �� h�� CJ aJ h�= h�� CJ \�aJ h�= h�� CJ aJ h�= h�� 5�CJ aJ h�n- h�� h�� hn h�� 5�CJ aJ h�� 5�CJ aJ hpH h�� 5�CJ aJ $ 0 � � � � � � � � � � � � � � � � � � � � � � � � � $$If a$gd�� $If gd�� gd�� $a$gd�� $a$gd�� R � � � � � � . Complete the assignment online and either . Adam Smith is credited with formalizing capitalism in his 1776 book, The Wealth of Nations. • Governmental decision-makers and planners perform the functions of a market • Some empires in the distant past had command economies. � A percentage increase means the country is moving toward more freedom, a percentage decrease means less economic freedom. � R Supply and demand. The chapters. & F � O 0  & � � F � & � & � � & � � � � � In comparing economic systems, it’s helpful to think of a continuum with communism at one end and pure capitalism at the other, as in Figure 1.5 "The Spectrum of Economic Systems". The capitalist economic system is also weak, Marx said, since it is an unplanned system which causes one crisis after another. ��ࡱ� > �� 4 6 ���� 3 �������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� '` �� R bjbjLULU 4 .? (1)Inequality (2)Exploitation (3)Monopolies, In ______ economic systems the _____ has total control over the country, Command economies are characteristics of nations that embrace the political ideology of ______, Critics of command economies claim that ______ workers are rewarded because everyone is treated the same. � � �  � � � � � � � � $ 8 F 5 ANSWER KEY ECONOMY COMPARISON CHART Directions: Locate information about how each economic system answers the 3 basic economic questions: TRADTIONAL SYSTEMCOMMAND SYSTEMMARKET SYSTEMWHAT TO PRODUCE?By custom � whatever was produced in the pastThe government decides what should be produced. By custom – whatever was produced in the past The government decides what should be produced. There are many economies around the world. �s �! b. l a��yt�� $If gd�� � Answer the seven reflection questions after gathering the data. 3. SYSTEM WHAT TO PRODUCE? Learn vocabulary, terms, and more with flashcards, games, and other study tools. t ��0 � � � � � � �&6� � � � � � �� � � � �� � � � �� � � � �4� 4� t ��0 � � � � � � �&6� � � � � � �� � � � �� � � � �� � � � �4� 4� Put each of the numbers in the correct section #1 Traditional Pure Command #3 Pure Market #7 Mixed #9. Economics is among the courses provided in colleges and universities. �� �! Explain that countries have a mixed economic system located on a continuum between pure market and pure command. This impacts most negatively on the proletariat. SYSTEM MARKET . As you probably know, there are countless economies across the world. A score of zero means no economic freedom while a score of 100 would be perfect economic freedom. 0 .�� 00 �� 00 �� 00 @ `3 � �� 00 �@ 0 � � � �� 00 �� 00 �� 00 �� 00 Often the government owns major _______, but private _______ also exist. Marx believed that revolution among the proletariat was inevitable. � differently, multiple economic systems have developed. / e � � � � � � T � � � � � � � � � � � � � T � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � 0 � � $ 0 � � � � � / e � � � � � � T � � � � � � � � � � � � T �@ 0 � � �� 00 ��� 00 . � � � � � � � � � � � P K gd�� � kd� $$If �l � �� t ��&6� 5� $ 5�� 5�� 5�G a��yt�� � � @ @�� @ �� N o r m a l CJ _HaJ mH sH tH D A ��� D D e f a u l t P a r a g r a p h F o n t R i@��� R T a b l e N o r m a l � 4� � � � & � � & & & � � ���E�� v � Proponents of this ideology believe that the entire history of human civilization took a wrong turn from hunter-gatherer systems into an agricultural system and has led to human dependence on technology to support increasing populations, government control, and culture. Critics also claim that command economies result in ______ markets that operate outside the view of the government. ���� ���� ! " How Economic Systems Compare. The government owns most of the means of production.Consumer choices dictate the success of goods/servicesHOW TO PRODUCE?By custom � however items were produced in the pastThe government does the planning for production: factory locations, the occupations of workers and their salariesBusiness leaders choose the means of production Their goal is the most efficient and profitable methodsFOR WHOM TO PRODUCE?By custom � whoever usually received products will again receive themThe government controls the distribution system for goods/services: housing, transportation, consumer items and sets pricesThe consumers� income determines who receives which goods/services Economics: pertaining to an economy,�or system of organization or operation, especially of the process of production. Comparison of Economic Systems. 60 mins. However, the economy of every country also changes over time, and how it falls between these broad categories will often change with it. When supplies increase, prices tend to drop. Each has its own distinguishing characteristics, although they all share some basic features. ����$ % &. In this chapter we redo the analysis for a consumer buying many goods. There are many different economic systems that try to result in more equality or faster growth. to me at [teacher email address] _____. . exploitation (suffering) monopolies command communism unproductive middle. Lionel Robbins define economics as the study of available scares means to satisfy unlimited human wants. This proposition is known as convergence. The father of free market economic theory, Adam Smith, once said, “Individual ambition serves the common good.” Extra Credit helps you teach economic systems to your students with this activity to accompany the new economic systems infographic poster. � $ 0 � � � � � � � � � � � � � � � . What are two characteristics of a traditional economy? To simplify these comparisons, economic growth is generally assessed as general GDP. Bartering: Exchange goods or services without involving money. � �! with 18 fill-in-the-blank questions and a graphic organizer. Two real-world economic systems that differ based on key institutions are capitalism and communism. 4, a 10 percent increase in the price of the good results in A)a 1. .? Assessment 1. Answer: The four general forces in the societal environment are economic, technological, political-legal, and sociocultural. 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