Question

classify information
circle the correct answers.

1. which economic system is found in simple agricultural societies?

a. traditional b. command c. market

1. in which economic system are economic decisions made by the interaction of buyers and sellers (supply and demand)?

a. traditional b. command c. market

1. which economic system is characterized by total government control?

a. traditional b. command c. market

1. what determines for whom to produce in a market economy?

a. natural resources b. opportunity cost c. price

1. which economic system gives consumers access to the most goods and services?

a. traditional b. command c. market

1. which economic system is also called a planned economy?

a. traditional b. command c. market

1. which of these is found in a market economy but not in a command economy?

a. competition b. goods and services c. consumers and producers
mixed economies
in reality, no countries operate as pure command economies where the government plans the entire economy. likewise, no countries operate as pure market economies without government control. instead, countries have mixed economies. mixed economies have elements of command and market economies. it is a blending of two different economic systems.
economies can be imagined as a line somewhere between pure command at one end, and pure market at the other. where a mixed economy falls on the line depends on how much, or how little, the government controls the economy and how much is left up to supply
when studying a mixed economy, ask yourself: how much of the economy is controlled by the government?

Explanation:

1. Traditional economic systems are common in simple agricultural societies as they rely on customs and traditions.
2. In a market economy, supply and demand (interaction of buyers and sellers) determine economic decisions.
3. Command economies are characterized by total government control.
4. In a market economy, price determines "for whom to produce" as it reflects consumer demand.
5. Market economies, due to competition and consumer - producer interaction, give consumers access to the most goods and services.
6. Command economies are also called "planned economies" as the government plans economic activities.
7. Competition is a key feature of market economies not present in command economies (where government controls production and distribution).

Answer:

1. a. Traditional
2. c. Market
3. b. Command
4. c. Price
5. c. Market
6. b. Command
7. a. Competition