economics chapter 2 section 1 economic systems and decision making name that system!

EconomicsCHAPTER 2Section 1

economic systems and decision making

Name that System!

Determine for each slide

whether the economic system

being illustrated is

Traditional

OR

Command

OR

Market

1. Actions in this type of economy relate to ritual,

habit and custom.

TRADITIONAL ECONOMY

2. A strength of this type of economy is its

ability to rapidly change in a short

period of time

COMMAND ECONOMY

3. A weakness of this economy is its failure to

provide for the weak, the sick, the old and the very young who cannot

be productive

Market economy

4. Name a stable, predictable and

continuous economic system

TRADITIONAL ECONOMY

5. This economic system does not meet the needs

and wants of citizens because the central authority makes all

decisions, rather than the individual

COMMAND ECONOMY

6. This economic system

discourages new ideas or change

TRADITIONAL ECONOMY

7. This economic system provides a high degree

of consumer satisfaction because individuals make most of the

decisions

Market economy

8. This economic system offers a

variety of goods and services because new ideas are encouraged

Market economy

9. This economic system lacks incentive for

individuals because a central authority

controls the factors of production; there is no

private property

COMMAND ECONOMY

10. This economic system has a

notable lack of government interference

Market economy

11. Which system would Adam Smith support?

Market economy

12. Which system would Adam Smith most disagree with because of Laissez-Faire?

COMMAND ECONOMY

13. “WE COULD SELL OUR PRODUCTS FOR PERSONAL PROFIT IN WHICH

SYSTEM?” - - Name that system!

Market economy

14. “Our grandmothers taught us to weave, and we have taught our daughters.” - Name that system!

TRADITIONAL ECONOMY

15. “We slaughter the hogs because the government tells us to. I hate this job. I’d rather be a carpenter.” -

Name that system!

COMMAND ECONOMY

16. “We slaughter hogs better than any of our competitors!” -

Name that system!

Market economy

17. “We’ve been quilting for our community for decades. We’re very talented.” –

Name that system!

TRADITIONAL ECONOMY

18. “I really hate quilting. I wish I could go fishing instead, but girls don’t fish in our community.” –

Name that system!

TRADITIONAL ECONOMY

19. “We wait for the government to give us rations of meat, but there is never enough.” – Name that System!

COMMAND ECONOMY

20. “People who cannot work are not rewarded in this system.” – Name that

system!

Market economy

21. “Goods are moving in and out of our country every day because of consumer

demand.” – Name that System!

Market economy