ss7e4 activity - 3rd & 5th period asynchronous #2\nname: danny simmons date: ________ class: 3rd □ 5th…

ss7e4 activity - 3rd & 5th period asynchronous #2\nname: danny simmons date: ________ class: 3rd □ 5th □\npart a - fill in the blank (questions 1 - 8)\n1. in a ________ economy, traditions and customs decide what people make, sell, and buy.\n2. in a ________ economy, the government makes most of the decisions about what is produced.\n3. in a ________ economy, individuals and businesses make decisions based on supply and demand.\n4. the three basic economic questions are: what to produce?, how to produce?, and ________ to produce for?\n5. a system that combines both market and command elements is called a ________ economy.\n6. in israel, many businesses are privately owned. this is a sign of a ________ economy.\n7. in saudi arabia, the ________ controls the oil industry, but private businesses also exist.\n8. in turkey, the economy is becoming more like a ________ economy as private companies grow.\npart b - multiple choice (questions 9 - 15)\ncircle the correct answer.\n9. in a traditional economy, decisions about what to produce are based on\na. government orders\nb. custom and habit\nc. price tags\nd. laws\n10. in a command economy, who decides how goods are produced?\na. private companies\nb. the government\nc. farmers\nd. shoppers\n11. in a market economy, prices are decided by:

ss7e4 activity - 3rd & 5th period asynchronous #2\nname: danny simmons date: ________ class: 3rd □ 5th □\npart a - fill in the blank (questions 1 - 8)\n1. in a ________ economy, traditions and customs decide what people make, sell, and buy.\n2. in a ________ economy, the government makes most of the decisions about what is produced.\n3. in a ________ economy, individuals and businesses make decisions based on supply and demand.\n4. the three basic economic questions are: what to produce?, how to produce?, and ________ to produce for?\n5. a system that combines both market and command elements is called a ________ economy.\n6. in israel, many businesses are privately owned. this is a sign of a ________ economy.\n7. in saudi arabia, the ________ controls the oil industry, but private businesses also exist.\n8. in turkey, the economy is becoming more like a ________ economy as private companies grow.\npart b - multiple choice (questions 9 - 15)\ncircle the correct answer.\n9. in a traditional economy, decisions about what to produce are based on\na. government orders\nb. custom and habit\nc. price tags\nd. laws\n10. in a command economy, who decides how goods are produced?\na. private companies\nb. the government\nc. farmers\nd. shoppers\n11. in a market economy, prices are decided by:

Answer

Brief Explanations:

  1. In a traditional economy, economic activities are based on long - standing traditions and customs.
  2. In a command economy, the government is the central planner for production.
  3. In a market economy, supply and demand drive decisions by individuals and businesses.
  4. The three basic economic questions include for whom to produce.
  5. A mixed economy combines elements of market and command economies.
  6. Private ownership is a feature of a market economy.
  7. In Saudi Arabia, the government controls the oil industry.
  8. As private companies grow in Turkey, its economy is becoming more market - like.
  9. In a traditional economy, decisions are based on custom and habit.
  10. In a command economy, the government decides how goods are produced.
  11. In a market economy, prices are determined by supply and demand interactions among various market participants, not just the government.

Answer:

  1. traditional
  2. command
  3. market
  4. for whom
  5. mixed
  6. market
  7. government
  8. market
  9. B. Custom and habit
  10. B. The government
  11. (No options provided for 11 in the answer part, but in a market economy, prices are determined by supply and demand among market participants)