What are the six major characteristics of a Free Enterprise? 1. Little or no government 2. freedom of enterprise 3. freedom of choice 4. private property 5. profit incentive 6. competition
What are the aims of a Market Economy? 1. Economic Efficiency 2. Security and Equity 3. Economic growth 4. Individual freedom 5. Stability
The traditional economic system answers the four basic question according to tradition. Decisions are based on customs, beliefs, and ways that things have been handed down from generation to generation. In a command economic system, the individual has little, if any, influence over how the basic economic questions are answered. The government maybe one person, a small group of leaders, or a government agency. In a market economy, the government does not intervene. Individuals own teh factors of production and decide for themselves the answers to the four basic economic questions. The last one is the mixed economy. This contains characteristics of a command economy and a pure market economy.
What are the 6 major characteristics of a pure market economic system?
1. little or no govt. control 2. freedom of enterprise 3. freedom of choice 4. private property 5. profit incentive 6. competition
What are the four basic economic questions? -How should goods and services be produced -What and how much should be produced -Who should produce what -Who should share in what is produced
List and describe the different types of economic systems. Traditional-things are done the way they have been done in the past, based on customs Command economy-the government is in total control, the people dont have a say Market economy- the people decide Mixed Economy- contains characteristics of both command and pure market economy.
Q: What are the 4 basic economic questions? A: How shouuld goods and services be produced/ What and how much should be produced/ Who should produce what/ Who should share in what is produced.
Q:What economic system includes the government making all the decisions about the economy? A: Command, or COntrolled, System
One possible test question could be - What are the four basic questions of economics? The answer is - How should goods and services be produced? What and how much should be produced?Who should produce what? Who should share in what is produced?
Another possible test question could be - What are the three types of economic system? The answer is - Traditional economic system ,Command system, and Market system
I think that "list the 5 goals of a market economy" is a good question... Efficiency, Growth, Security and Equity, Individual Freedom, and Stability.
I also think that we should all be able to answer the fill in the blank answer of "one of the costs of a large amount of economic and personal freedom is the necessity of individuals to accept the _________ of their decisions... answer = consequences.!!
answer: how should goods and services be produced, what and how much should be produced, who should prodcue what, and who should share in what is produced.
question:what are the four economic systems?
answer:traditional system, command or controlled system, market or capitalist system, and mixed economy system.
1.What is the difference between a market and command economic system? -In a command the government has control, while in a market economy the people get to make the decisions and the govt. doesn't interfere. 2.What is competition, and why is it good? -Competition is the rivalry between producers to win more business. It is good because it keeps prices low and increases quality.
Q: Name and describe the most common Economic System. A: Mixed Economy- a mix of the market and command economy. Q: How does Competition benefit the people? A: Competition allows businesses to keep the price of their products at a reasonable price. Where the cheapest price is is normally where most of the customers go so they can save money.
What is a trade off? When you are exhanging one thing for another and it is veryimportant to our economy because thats what keeps things afloat and moving. What is the trade off of guns vs. butter? The trade off here is wether we should make more food or more military supplies and this is always a big deal because we want to have a very strong military but we also need to be able to feed them and the people. You must find a perfect balance of both.
Describe the four basic types of economic systems.
1. Traditional- it is based on tradition and how things have always been done. It is often from customs and exists in few countries.
2. Command- the individual has little influence over how the basic questions are answered and government controls the factors of production.
3. Market- government does not intervene and the individual is in control of the factors of production. Decisions are made through interaction in the market.
4- Mixed- it has characteristics of both market and a command economy. Most economies are this.
What are the four basic economic questions?
1. How should goods and services be produced? 2. What and how much should be produced? 3. Who should produce what? 4. Who should share in what is produced?
Name the Types of Economic Systems we discussed in class and give a description for each? 1. Traditional System which is based on beliefs passed down from generation to generation. Command System is where the individual has very little power or say on how the basic economic question are answered, a communism. Market Economy (Capitalism) this is where the government doesn't get involved. And the Mixed Economy which is a combination of the command economy and the market economy.
What are the 3 ways an economist can present a model? 1. Through an explanation of words. 2. In a graph. and 3. With an mathematical equation.
List & describe the 3 advasntaes of a Free Enterprise system. -high level of economic & personal freedom-- freedom to start your own business; extends to all aspects of life -high standard of living--more individuals living in high standards; wor how & where they want and invest in what they want -diversity--having differend economic choices
List & Desribe the 5 goals of a market economy -efficiency--using resources to highest potential -growth--keep it moving in a positive direction -security & equity--maintain consumer confidence & being fair in the workplace/business -stability--no roller coaster effect -individual freedom--people can do what they wish
1. __________is the money left after all the the cost of production have been paid? Answer=Profit 2. ____________-is the desrie to make a profit and the hope that people will produce more. Answer=Profit Incentive
List and describe the 5 goals of a market economy. 1. Efficiency- produce the best goods for the cheapest price. 2. Growth- expansion of the economy to produce more goods, jobs, and wealth. 3. Security and Equity- protecting people against poverty and other economic problems. 4. Individual Freedom- people can choose to do what they want in economy. 5. Stability- things remain pretty stable, standards of living don't change a lot.
What is the difference between a market and command economy? In a market economy, the people choose what they want to do in the economy. They control what is produced and how much is produced. The government has no control. In a command economy, the government has control over the economy. They decide what is produced and how much is produced and they decide who is going to do what. The government has complete control in the economy.
Q: What are the six major characteristics of a pure market economic system? A: Little or no government control, freedom of enterprise, freedom of choice, private property, property incentive, and competition.
Q:What are the four basic economic questions? A: How should goods and services be produced; what and how much should be produced; who should produce what; and who should share in what is produced.
What are the six major characteristics of a Free Enterprise?
ReplyDelete1. Little or no government
2. freedom of enterprise
3. freedom of choice
4. private property
5. profit incentive
6. competition
What are the aims of a Market Economy?
1. Economic Efficiency
2. Security and Equity
3. Economic growth
4. Individual freedom
5. Stability
What are the types of economic systems?
ReplyDeleteThe traditional economic system answers the four basic question according to tradition. Decisions are based on customs, beliefs, and ways that things have been handed down from generation to generation. In a command economic system, the individual has little, if any, influence over how the basic economic questions are answered. The government maybe one person, a small group of leaders, or a government agency. In a market economy, the government does not intervene. Individuals own teh factors of production and decide for themselves the answers to the four basic economic questions. The last one is the mixed economy. This contains characteristics of a command economy and a pure market economy.
What are the 6 major characteristics of a pure market economic system?
1. little or no govt. control
2. freedom of enterprise
3. freedom of choice
4. private property
5. profit incentive
6. competition
What are the four basic economic questions?
ReplyDelete-How should goods and services be produced
-What and how much should be produced
-Who should produce what
-Who should share in what is produced
List and describe the different types of economic systems.
Traditional-things are done the way they have been done in the past, based on customs
Command economy-the government is in total control, the people dont have a say
Market economy- the people decide
Mixed Economy- contains characteristics of both command and pure market economy.
Q: What are the 4 basic economic questions?
ReplyDeleteA: How shouuld goods and services be produced/ What and how much should be produced/ Who should produce what/ Who should share in what is produced.
Q:What economic system includes the government making all the decisions about the economy?
A: Command, or COntrolled, System
One possible test question could be - What are the four basic questions of economics? The answer is - How should goods and services be produced? What and how much should be produced?Who should produce what? Who should share in what is produced?
ReplyDeleteAnother possible test question could be - What are the three types of economic system? The answer is - Traditional economic system ,Command system, and Market system
I think that "list the 5 goals of a market economy" is a good question... Efficiency, Growth, Security and Equity, Individual Freedom, and Stability.
ReplyDeleteI also think that we should all be able to answer the fill in the blank answer of "one of the costs of a large amount of economic and personal freedom is the necessity of individuals to accept the _________ of their decisions... answer = consequences.!!
question:what are the four basic questions?
ReplyDeleteanswer: how should goods and services be produced, what and how much should be produced, who should prodcue what, and who should share in what is produced.
question:what are the four economic systems?
answer:traditional system, command or controlled system, market or capitalist system, and mixed economy system.
Name the 5 goals of a market economy.
ReplyDelete-Efficiency
-Growth
-Security
-Stability
-Individual Freedom
What are the three ways of presting an economic Model?
-Through an explanation in words, in a graph, or with a mathematical equation.
1.What is the difference between a market and command economic system?
ReplyDelete-In a command the government has control, while in a market economy the people get to make the decisions and the govt. doesn't interfere.
2.What is competition, and why is it good?
-Competition is the rivalry between producers to win more business. It is good because it keeps prices low and increases quality.
Q: Name and describe the most common Economic System.
ReplyDeleteA: Mixed Economy- a mix of the market and command economy.
Q: How does Competition benefit the people?
A: Competition allows businesses to keep the price of their products at a reasonable price. Where the cheapest price is is normally where most of the customers go so they can save money.
What is a trade off?
ReplyDeleteWhen you are exhanging one thing for another and it is veryimportant to our economy because thats what keeps things afloat and moving.
What is the trade off of guns vs. butter?
The trade off here is wether we should make more food or more military supplies and this is always a big deal because we want to have a very strong military but we also need to be able to feed them and the people. You must find a perfect balance of both.
Describe the four basic types of economic systems.
ReplyDelete1. Traditional- it is based on tradition and how things have always been done. It is often from customs and exists in few countries.
2. Command- the individual has little influence over how the basic questions are answered and government controls the factors of production.
3. Market- government does not intervene and the individual is in control of the factors of production. Decisions are made through interaction in the market.
4- Mixed- it has characteristics of both market and a command economy. Most economies are this.
What are the four basic economic questions?
1. How should goods and services be produced?
2. What and how much should be produced?
3. Who should produce what?
4. Who should share in what is produced?
Name the Types of Economic Systems we discussed in class and give a description for each? 1. Traditional System which is based on beliefs passed down from generation to generation. Command System is where the individual has very little power or say on how the basic economic question are answered, a communism. Market Economy (Capitalism) this is where the government doesn't get involved. And the Mixed Economy which is a combination of the command economy and the market economy.
ReplyDeleteWhat are the 3 ways an economist can present a model? 1. Through an explanation of words. 2. In a graph. and 3. With an mathematical equation.
List & describe the 3 advasntaes of a Free Enterprise system.
ReplyDelete-high level of economic & personal freedom-- freedom to start your own business; extends to all aspects of life
-high standard of living--more individuals living in high standards; wor how & where they want and invest in what they want
-diversity--having differend economic choices
List & Desribe the 5 goals of a market economy
-efficiency--using resources to highest potential
-growth--keep it moving in a positive direction
-security & equity--maintain consumer confidence & being fair in the workplace/business
-stability--no roller coaster effect
-individual freedom--people can do what they wish
1. __________is the money left after all the the cost of production have been paid?
ReplyDeleteAnswer=Profit
2. ____________-is the desrie to make a profit and the hope that people will produce more.
Answer=Profit Incentive
This comment has been removed by the author.
ReplyDeleteList and describe the 5 goals of a market economy.
ReplyDelete1. Efficiency- produce the best goods for the cheapest price.
2. Growth- expansion of the economy to produce more goods, jobs, and wealth.
3. Security and Equity- protecting people against poverty and other economic problems.
4. Individual Freedom- people can choose to do what they want in economy.
5. Stability- things remain pretty stable, standards of living don't change a lot.
What is the difference between a market and command economy?
In a market economy, the people choose what they want to do in the economy. They control what is produced and how much is produced. The government has no control. In a command economy, the government has control over the economy. They decide what is produced and how much is produced and they decide who is going to do what. The government has complete control in the economy.
Q: What are the six major characteristics of a pure market economic system?
ReplyDeleteA: Little or no government control, freedom of enterprise, freedom of choice, private property, property incentive, and competition.
Q:What are the four basic economic questions?
A: How should goods and services be produced; what and how much should be produced; who should produce what; and who should share in what is produced.
What is economic efficiency?
ReplyDeleteIT means using resouces wisely so that people will be as well off as posible given our available resources.
what is economic growth?
Economic growth means an expansion of the economy to produce more goods, jobs and wealth.