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Who takes on the financial risk in starting a new business in a market economy?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
In a traditional economy, how are economic decisions made?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
Why are most modern economics referred to as mixed economies?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
Why is specialization so valuable in international trade today?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
Which would be a problem in a command economy?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
What is South Africa's main export?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
Which would be a problem for a community with a traditional economy?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
Why do most economies in the world today operate somewhere in between a market and a command economy?
custom and habit
Specialization allows people to do a more efficient job at producing what they make best.
gold and diamonds
People in the country begin to want and need products that cannot be made or traded locally.
A worker trying to start a new business on his or her own would need permission.
individual business people
Most economies feel they need a mix of free market and some government control to be successful.
Most countries have aspects of all three economic types at work in their economies.
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