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