Unit 2: EconomicSystems
Word Bank: market (free enterprise) command laissez-faire traditional mixed economy
25.
26.
27.
28.
29.
The system under which business can be conducted freely with little government
intervention is known as -AAe-kLt——--•
An economic system in which the distribution of scarce resources and other
economic activity is based on ritual, habit, or custom.
An economic system which relies on government officials to answer three
basic economic questions. CO
Today most economic systems are actually
X ed
Adam Smith's (father of economics) philos hy of letting the people do as they wish/ncn
government intervention.
Multiple Choice:
30.
Why would some people be hesitant to abandon communism and establish a capitalist
economy?
A. They worried it would provide too many options.
A They did not want to have to compete against one another.
guaranteed full employment.
D. Capitalism would only make a few people in the country rich.
Word Bank: Some words can be used twice.
31.
,
market
traditional
command
List the three main economic systems.
mixed economy
and Con.ra
32.
United States has a
economy and is also considered a
economy.
33.
34.
In which economic system are private property rights valued the most?
k4't
The following characteristics explain which type of economic system?
Individual Freedom
•
•
Individuals and businesses own Private Property
Wide-variety of goods and services produced
Only rewards productive resources
•
34a.
The characteristics of a free enterprise system are t
34b.
List three basic economic questions all sociéties must address.
LJha
14
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to produce?