On the line provided, write the name of the economic system (Market, Traditional
ID: 1132827 • Letter: O
Question
On the line provided, write the name of the economic system (Market, Traditional, Command, Mixed Market) That best completes each sentence.
1. Resources are allocated by government only.
2. Marketing decisions are made by market conditions.
3. China is a good example of this economic system.
4. Allocation of resources is based upon ancient religious writings.
5. Businesses and individuals own natural resources and capital goods.
6. Government controls business decisions extensively for the allocation of some resources but little over distribution of those resources.
Explanation / Answer
On the line provided, write the name of the economic system (Market, Traditional, Command, and Mixed Market) that best completes each sentence.
Sentence
Economy
1. Resources are allocated by government only.
Command
2. Marketing decisions are made by market conditions.
Market
3. China is a good example of this economic system.
Command Economy under Mao Zedong
4. Allocation of resources is based upon ancient religious writings.
Traditional
5. Businesses and individuals own natural resources and capital goods.
Mixed
6. Government controls business decisions extensively for the allocation of some resources but little over distribution of those resources.
Mixed
Traditional Economy
In a traditional economy individuals and tribes make the decisions.
Often these decisions are based on customs, traditions, and religious beliefs.
Command Economy
In a command economy the government makes all the decisions.
Governments in a command economy are usually led by a dictator and/or are totalitarian governments
Market Economy
In a market economy businesses make decisions based on consumer demands.
There is NO government involvement.
In a market economy businesses are owned by individuals, entrepreneurs, and private businesses.
Mixed Economy
Businesses produce goods bases on consumer’s demands.
Supply and demand determines the price of goods.
In a market economy businesses are owned by individuals, entrepreneurs, and private businesses.
It is a system where most wealth is generated by businesses, but the government plays a major part in allocating resources.
Sentence
Economy
1. Resources are allocated by government only.
Command
2. Marketing decisions are made by market conditions.
Market
3. China is a good example of this economic system.
Command Economy under Mao Zedong
4. Allocation of resources is based upon ancient religious writings.
Traditional
5. Businesses and individuals own natural resources and capital goods.
Mixed
6. Government controls business decisions extensively for the allocation of some resources but little over distribution of those resources.
Mixed
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