Answer the questions at the top of the table for each of the Economic Systems. For your answers you will need to write in complete sentences. Make sure to use the words: private ownership, consumer sovereignty, profit motive, competition, and government regulation. Who controls the resources? Who decides what is produced? How do we How do we decide who gets the resource/product? decide how to produce? Command Market Mixed

How does the capitalism economy give to the communities?   How does the capitalism economy take away from communities?

Why do most economies in the world today operate somewhere in between a market economy and a command economy?

What are the features of the socialistic economy?

What is meant by varieties of capitalism?

The state of Minnesota rations camping sites on a first come, first served system. This has led to__________ and is _____________ to what America did during World War II. Venezuela ___________ on __________ to distribute food which is _________ to what Minnesota does with camping sites.   An increase in the demand for camping sites and a decrease in supply; not similar; relies; prices; similar A surplus of camping sites and downward pressure on prices; similar to; does not rely; non-price rationing; similar The state failing to maximize revenue from this shortage-creating system; similar to; does not rely; prices; similar The opportunity cost of wasted time for many would-be campers; similar to; refuses to rely; the invisible hand; similar C and D only.

You overpopulate the land and destroy everything

What do you think is the most ideal and beneficial type of Market Structure? Why?

In planned economic systems, government agencies control both supply and price of the products.   True   or  False?

The list below describes characteristics of a type of economic system. Government regulates the factors of production for goods and services. Individual and business control some factors of production. Supply and demand determine more economic production. Private property rights with some government intervention.   Which economic system is most likely described by the list? Mixed-market economy Free-market economy Command economy Traditional economy